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President Bola Tinubu on Thursday, March 5, 2026, announced the successful conclusion of a settlement agreement between the Federal Government, Eni and Nigerian Agip Exploration Limited over Oil Prospecting Licence (OPL) 245.
Tinubu announced the agreement at a meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi, and other senior officials.
Others present included Eni’s Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; and Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi.
This is contained in a statement issued by Presidential Spokesperson, Mr. Bayo Onanuga, on Thursday in Abuja.
The agreement brought to a close the long-standing dispute over OPL 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.
The dispute, which lasted more than 15 years, had been widely regarded as one of the most prominent legacy issues in Nigeria’s oil sector.
With the settlement, the pathway is now clear for a Final Investment Decision on the Zabazaba–Etan deepwater project.
The project is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity.
Tinubu described the agreement as a strategic milestone in the administration’s economic reform agenda.
“This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently and uphold the rule of law,” he said.
The President added that the settlement would help restore investor confidence and create a stable environment for long-term investment.
Earlier, the Special Adviser to the President on Energy, Olu Verheijen, said the revised agreement reflects reforms introduced under the Petroleum Industry Act.
“The revised terms provide investors with clarity and predictability while ensuring stronger value for the federation,” she said.
Tinubu commended institutions that contributed to the settlement, including the Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited.
He said the resolution underscores the administration’s determination to unlock Nigeria’s energy assets and attract responsible investment into the sector.
By Muhyideen Jimoh
