President Bola Ahmed Tinubu has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, describing the settlement as a major step toward unlocking significant deepwater investment in Nigeria’s oil and gas sector.

The agreement, reached between the Federal Government, Eni and Nigerian Agip Exploration Limited (NAEL), was disclosed on Thursday following a meeting at the Presidential Villa in Abuja.

In attendance were 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 Arowolo-Verheijen.

The settlement ends a dispute that lasted more than 15 years over OPL 245, one of Nigeria’s most commercially promising deepwater oil blocks. Officials said the resolution restores stability and clarity around the asset and allows progress toward full development of the field.

With the dispute resolved, the government and investors are expected to move toward a Final Investment Decision on the Zabazaba–Etan deepwater project, which could add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.

Tinubu described the agreement as a strategic milestone in his administration’s economic reform agenda, aimed at resolving legacy disputes and 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 added that resolving the dispute removes one of the most prominent legacy risks in Nigeria’s upstream petroleum sector and strengthens the government’s commitment to transparent governance and predictable regulation.

Energy adviser Arowolo-Verheijen noted that the settlement represents an improvement on the 2011 resolution framework and aligns with reforms introduced under the Petroleum Industry Act.

According to her, the revised terms provide investors with clarity and predictability needed for major deepwater investments while ensuring stronger value for the federation.

The Presidency said the agreement forms part of broader reforms implemented since 2023 to enhance Nigeria’s competitiveness in global energy markets and attract fresh capital into the oil and gas industry.

Tinubu also commended institutions that contributed to the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and NNPC Limited.

The government said the settlement is expected to accelerate investment, boost production capacity, and support economic growth through increased jobs and revenue in Nigeria’s energy sector.