President Bola Ahmed Tinubu has announced that Nigeria has reached a final settlement with Italian energy company Eni and its subsidiary Nigerian Agip Exploration Limited over the controversial Oil Prospecting Licence 245 (OPL 245), bringing to an end a dispute that has lasted for more than a decade.
The announcement was made during a meeting at the Presidential Villa in Abuja where Tinubu hosted Eni’s Chief Executive Officer Claudio Descalzi along with other top officials of the company.
The OPL 245 issue had remained one of the most complicated and widely discussed matters in Nigeria’s petroleum industry, involving years of legal battles and negotiations between the government and oil firms. The newly reached agreement effectively resolves the long-standing disagreement and clears the way for development activities to move forward.
With the settlement in place, attention now turns to the Zabazaba-Etan deepwater oil project, which has been delayed for years due to the dispute. Industry projections indicate that the project could eventually contribute about 150,000 barrels of crude oil per day to Nigeria’s production capacity once it becomes operational.
President Tinubu described the resolution as an important milestone for the country’s economic reform agenda, noting that addressing long-standing issues in the energy sector will help rebuild trust among international investors and create a more stable environment for large-scale investments.
According to the president’s Special Adviser on Energy, Olu Verheijen, the terms of the settlement were updated to align with reforms introduced under the Petroleum Industry Act, which seeks to improve transparency and provide clearer guidelines for investors while protecting Nigeria’s economic interests.
Tinubu also acknowledged the contributions of key institutions involved in reaching the agreement, including the Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited, stating that the outcome reflects the administration’s determination to unlock the country’s energy resources and attract responsible investment into the oil and gas sector.
