Tinubu says OPL 245 dispute is settled, urges new investments
President Bola Tinubu has announced that the Federal Government of Nigeria has reached a settlement with ENI and Nigerian Agip Exploration Limited, ending the long-standing OPL 245 dispute. The agreement, signed in Abuja, brings clarity and stability to one of Nigeria’s major deepwater oil blocks. Tinubu described the deal as a strategic milestone for Nigeria’s economic reforms and a signal to global investors. Officials say the resolution paves the way for significant new investments in the country’s energy sector.
What we know
- Bola Tinubu announced the settlement at a meeting attended by top ENI and NAEL executives, along with government advisers.
- The agreement resolves a dispute that lasted over 15 years and is expected to enable the Final Investment Decision on the Zabazaba–Etan project.
- Special Adviser Olu Arowolo-Verheijen said the settlement improves on the 2011 Resolution Agreement and aligns with recent policy reforms.
- The deal is part of broader reforms since 2023 aimed at boosting Nigeria’s energy sector competitiveness and attracting investment.
- Tinubu praised the roles of the Attorney General’s office, Ministry of Petroleum Resources, NUPRC, NNPC Limited, and ENI in achieving the settlement.
