TINUBU SEALS OPL 245 DEAL: NIGERIA’S OIL FUTURE UNLOCKED
GREATRIBUNETVNEWS–President Bola Ahmed Tinubu has brokered a historic truce on Oil Prospecting Licence (OPL) 245, paving the way for Nigeria’s deepwater oil development.
Key Issues:
– _”The agreement was reached between the Federal Government of Nigeria, Italian energy company Eni, and Nigerian Agip Exploration Limited during a meeting at the Presidential Villa in Abuja.”_
– *Dispute Resolved*: 15-year dispute over OPL 245, a valuable deepwater oil block, has been settled.
– _”The settlement brings to an end a dispute that has lasted more than 15 years and restores clarity to the ownership and development framework of OPL 245.”_
– *Boost to Oil Production*: Zabazaba–Etan project expected to add 150,000 barrels per day to Nigeria’s crude oil production capacity.
– _”With the dispute resolved, stakeholders can now proceed toward a Final Investment Decision on the Zabazaba–Etan deepwater development project.”_
Tinubu described the agreement as a strategic milestone for Nigeria’s economic reform agenda and an important step toward rebuilding investor confidence in the country’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.
Energy adviser Verheijen said the settlement improves on the earlier 2011 resolution agreement and reflects the policy framework introduced under the Petroleum Industry Act, alongside the administration’s broader fiscal and governance reforms in the oil and gas sector.
She explained that the revised terms provide investors with the clarity needed to move forward with major deepwater investments while also ensuring stronger value for the Nigerian federation.
According to the presidency, the agreement forms part of broader reforms implemented since 2023 to strengthen Nigeria’s competitiveness in global energy markets and attract fresh investment into the oil and gas industry.
Tinubu 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 presidency said the resolution removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces the government’s commitment to transparent regulation and commercially viable investment frameworks.
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