Settlement between Nigeria, ENI and Nigerian Agip Exploration Limited clears path for deepwater investment expected to boost oil output by 150,000 barrels.
President Bola Tinubu on Thursday presided over the conclusion of a settlement agreement between the Federal Government, ENI and Nigerian Agip Exploration Limited (NAEL), resolving the long-running dispute over Oil Prospecting Licence (OPL) 245.
The agreement, reached at a closed-door meeting at the State House in Abuja, brings to an end a dispute that had lasted more than 15 years.
A statement issued by presidential spokesman Bayo Onanuga said the meeting was attended by the Chief Executive Officer of ENI, Claudio Descalzi; the company’s Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Verheijen.
The resolution clears the way for the development of one of Nigeria’s most commercially promising deepwater oil blocks.
With the dispute settled, the government said the pathway is now open for a Final Investment Decision on the Zabazaba–Etan project.
The deepwater development is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity and strengthen the country’s long-term energy outlook.
Tinubu described the agreement as a strategic milestone in the administration’s economic reform agenda and a major step toward restoring investor confidence in Nigeria’s energy sector.
“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 said.
He commended institutions and stakeholders involved in achieving the settlement, including the Office of the Attorney-General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited and the leadership of ENI.
Tinubu said the agreement reflects the administration’s commitment to unlocking Nigeria’s strategic energy assets and ensuring that the nation’s resources deliver sustainable value for its citizens.
Also commenting on the development, the President’s Adviser on Energy, Olu Verheijen, said the settlement represents a significant improvement on the 2011 resolution agreement.
According to her, the revised terms align with the policy framework under the Petroleum Industry Act and the administration’s broader fiscal and governance reforms in the energy sector.
She noted that the agreement strikes a balanced outcome by providing investors with clarity and predictability while ensuring stronger value for the federation.
Verheijen added that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream oil sector and reinforces the government’s commitment to transparent regulation and commercially viable investment frameworks.
The settlement forms part of broader reforms implemented since 2023 to improve Nigeria’s competitiveness in global energy markets and attract new investment into the oil and gas industry.
