Friday, April 17, 2026
29.7 C
Lagos

FG, ENI, NAEL Resolve OPL 245, Unlocks Major Deepwater Investment

Chief Executive Officer Eni, Claudio Descalzi and President Bola Tinubu during a meeting with the President on final resolution of OPL 245.

President Bola Tinubu has announced successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL) at a meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi, Chief Operating Officer of Eni Guido Brusco, Head of Sub-Saharan Region, Mario Bello, Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi and Special Adviser to the President on Energy, Olu Verheijen.

The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.

The agreement, signed in Abuja, marks the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.

With the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook.

President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria’s economic reform agenda, reaffirming the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria’s natural resources deliver sustainable value to the Nigerian people.

“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.

“The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector”, said Olu Arowolo-Verheijen, Presidential adviser on energy.

“The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation”, Arowolo-Verheijen added.

The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria’s competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.

“By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria’s upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks”, Arowolo-Verjeihen further said.

President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI.

The successful resolution underscores the Tinubu Administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the nation’s resources translate into growth, jobs, and long-term prosperity for Nigerians.

 

spot_img
spot_img
spot_img

Hot this week

Guinness Nigeria: N1tn Market Capitalisation Signals Strong Investor Confidence, Sustained Value Creation

Guinness Nigeria Plc has achieved a landmark milestone, surpassing...

Stanbic IBTC Asset Management Bags Top Asset Management Award 2026 by Global Banking & Finance Review

In a noteworthy achievement in Nigeria's asset management landscape,...

Tinubu Assents to N68.32tn Appropriation Bill, 2025 Budget Extension

President Bola Ahmed Tinubu has assented to the 2026...

Nationwide Voting Platform Empowers Consumers to Rate Brands, Public Institutions Based on Real Value, Trust, Service Delivery

  https://consumervalue.vercel.app/nominate In a bold step to deepen consumer voice and...

PenOp Appoints Anthonia Okoro as Chief Executive Officer

Pension Fund Operators Association of Nigeria is pleased to...

Topics

NNPC GCEO Urges Stakeholders, Nigerians to Refrain from Issuing Goodwill Messages

The Group Chief Executive Officer (GCEO) of Nigerian National...

ADB Invested $2bn on ICT, Transport in 2015

The African Development Bank investments in transport and...

AIICO Strengthens Bond with Retiree Community at 2nd Annual Annuitants Forum

Management representatives from AIICO Insurance & subsidiary (from left...

Africa Bancassurance MasterClass 2019 Holds April 16 in Lagos

The Africa Bancassurance Academy would like to notify the...

CBN Plans Digital Currency by October 1, 2021

The Central Bank of Nigeria (CBN) will unveil its...

PenCom Board Inaugurated in Abuja

Secretary to the Government of the Federation (SGF), Mr....

Digital Encode Drums Support for eBusinesslife 5G Forum on Nov 5

Leading Consulting and technology integration firm, Digital Encode Limited...

Time to Harness Artificial Intelligence

The face-off between man and technology has lasted through-out...
spot_img

Related Articles

Popular Categories

spot_imgspot_img