The Federal Government of Nigeria has reached a settlement with Eni and Nigerian Agip Exploration Limited (NAEL), bringing to a close the long-standing dispute over Oil Prospecting Licence 245.
Gatekeepers News reports that Bayo Onanuga, presidential spokesperson, announced the agreement on Thursday, saying President Bola Tinubu signed the deal during a ceremony in Abuja.
“President Bola Tinubu announced today the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL),” the statement read.
The signing ceremony was attended by top executives of Eni, including Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, and Head of Sub-Saharan Region Mario Bello, as well as NAEL Managing Director Fabrizio Bolondi and Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
The settlement resolves a dispute that has lasted more than 15 years, clearing the way for the development of one of Nigeria’s most commercially promising deepwater assets.
“With the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook,” Onanuga said.
During the ceremony, Tinubu described the agreement as a key milestone in his administration’s economic reform agenda. He reaffirmed the government’s commitment to resolving legacy disputes, rebuilding investor confidence, and ensuring Nigeria’s natural resources deliver sustainable benefits for citizens.
“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,” Tinubu said, commending institutions including the office of the Attorney-General, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company (NNPC) Limited for their role in the settlement.
Olu Arowolo-Verheijen noted that the settlement improves upon the 2011 agreement, reflecting the policy framework under the Petroleum Industry Act and broader fiscal and governance reforms in the energy sector. She described the revised terms as balancing investor certainty with stronger value for the federation.
“By resolving the OPL 245 dispute, the federal government has eliminated one of the most significant longstanding risks in Nigeria’s upstream oil sector, demonstrating its commitment to consistent regulation, transparent governance, and commercially viable investment frameworks,” Verheijen said.
The development follows reports that the OPL 245 licence will be split into four new assets, which will be operated by Eni and Shell, further opening the way for major deepwater investments in Nigeria.
