President Bola Tinubu has finally settled the protracted dispute over Oil Prospecting License 245 in the Niger Delta after 15 years.
In a statement on Thursday, the federal government announced that Italian energy giant Eni and its subsidiary Nigerian Agip Exploration Limited (NAEL), signed a settlement agreement in Abuja.
The agreement was reached after a meeting between Eni’s Chief Executive Officer, Claudio Descalzi; Managing Director of NAEL, Fabrizio Bolondi; and Tinubu’s Special Adviser on Energy, Olu Arowolo-Verheijen.
Tinubu said, “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.”
Arowolo-Verheijen stressed that the terms improve upon a 2011 agreement, offering better value for Nigeria while providing investors with predictability. “The revised terms strike a balanced outcome… ensuring stronger value accretion and safeguards for the Federation,” she said.
OPL 245 is Nigeria’s largest untapped deepwater oil block.
