Tinubu brokers landmark OPL 245 settlement, paving way for 150,000 bpd deepwater boost

From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu has overseen the historic resolution of the long-running OPL 245 dispute, signing a settlement with ENI and Nigerian Agip Exploration Limited (NAEL) that clears the path for major deepwater oil investments, according to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

The agreement, finalised on Thursday in the president’s office, ends a 15-year legal battle over the Oil Prospecting Licence (OPL) 245, one of Nigeria’s most promising deepwater blocks. Attendees included ENI CEO Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, NAEL Managing Director Fabrizio Bolondi, and the President’s Special Adviser on Energy, Olu Verheijen.

This breakthrough enables the Final Investment Decision on the Zabazaba–Etan project, poised to add about 150,000 barrels per day to Nigeria’s oil production and bolster its energy security.

President Tinubu hailed the deal as a “strategic milestone” in his economic reform drive. “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,” he said.

The revised terms improve on the 2011 agreement, aligning with the Petroleum Industry Act (PIA) and the administration’s fiscal reforms, according to Verheijen. “They strike a balanced outcome, providing investors clarity while ensuring stronger value for the Federation,” he added.

Part of broader reforms since 2023, the settlement removes a key upstream risk, drawing fresh capital into Nigeria’s oil sector amid renewed global interest.

Tinubu praised contributors, including the Attorney General’s Office, Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and ENI’s leadership.

The move underscores the administration’s push to unlock energy assets for jobs, growth and prosperity.