President Bola Tinubu, has cleared a major obstacle to Nigeria’s oil growth by resolving the 15-year-old dispute over Oil Prospecting Licence (OPL) 245, a move set to inject billions of dollars into the country’s deepwater oil sector and boost production by 150,000 barrels per day.
The historic settlement, announced Thursday at a high-level meeting in Abuja, brings together the Federal Government, Eni, and Nigerian Agip Exploration Limited, ending one of the longest-running legacy disputes in Nigeria’s energy history.
The meeting was attended by Eni CEO Claudio Descalzi, COO Guido Brusco, Head of Sub-Saharan Region Mario Bello, and Nigerian Agip Managing Director Fabrizio Bolondi.
“This resolution signals to the world that Nigeria is serious about resolving legacy issues transparently and upholding the rule of law,” Tinubu said, stressing that the agreement would restore investor confidence and create a stable environment for long-term energy investment.
The settlement opens the way for a Final Investment Decision on the Zabazaba–Etan deepwater project, a development expected to transform Nigeria’s offshore production capacity and strengthen the country’s position in the global oil market.
Analysts describe the agreement as a turning point, ending years of uncertainty that had discouraged international investors.
Special Adviser to the President on Energy, Olu Verheijen, highlighted that the revised terms, aligned with the Petroleum Industry Act, ensure clarity and predictability for investors while maximizing returns for the federation.
Tinubu also commended key institutions, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPC Limited, for their role in facilitating the settlement, framing it as a demonstration of the administration’s commitment to unlocking Nigeria’s energy potential and attracting responsible investment.
With the OPL 245 dispute finally resolved, Nigeria is poised to reclaim its deepwater advantage, boost production, and send a clear signal to global energy investors that the country is open for business.
Credit: The Sun