After 15 years, President Bola Tinubu resolves protracted dispute over Oil Prospecting License 245 in the Niger Delta.
The Nigerian government in a statement on issued on Thursday announced that Italian energy giant Eni and its subsidiary Nigerian Agip Exploration Limited, NAEL, signed a settlement agreement in Abuja.
However, 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
Explaining , 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 highlighted 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.
Therefore, OPL 245 is Nigeria’s largest unexploited deep water oil block.
