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Tinubu reaches settlement with Eni over Oil Prospecting Licence 245.
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Agreement expected to boost investor confidence in Nigeria’s oil sector.
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OPL 245 remains the country’s largest untapped deepwater oil block.
President Bola Ahmed Tinubu has resolved the long-running dispute surrounding Oil Prospecting Licence 245 (OPL 245), bringing an end to a 15-year controversy over Nigeria’s largest untapped deepwater oil block.
The Nigerian government announced on Thursday that Italian energy company Eni and its subsidiary Nigerian Agip Exploration Limited signed a settlement agreement in Abuja following high-level discussions with government officials.
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The agreement was reached after a meeting involving Eni’s Chief Executive Officer Claudio Descalzi, Managing Director of NAEL Fabrizio Bolondi, and the president’s Special Adviser on Energy, Olu Arowolo-Verheijen.
Speaking on the development, Tinubu said the resolution sends a strong signal to global investors about Nigeria’s commitment to transparency and stability.
“This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital,” the president stated.
Arowolo-Verheijen explained that the new agreement improves on the earlier 2011 arrangement, providing stronger value for Nigeria while ensuring predictability for investors.
She added that the revised terms strike a balanced outcome that strengthens value for the federation while maintaining safeguards and investment stability.
OPL 245, located in the Niger Delta, is widely regarded as Nigeria’s largest undeveloped deepwater oil block and has been at the centre of legal and commercial disputes involving international oil companies for more than a decade.
