• Super Admin
• 06 Mar, 2026

Special Adviser on Energy, Olu Verheijen, noted that the revised terms reflect reforms introduced under the Petroleum Industry Act (PIA). President Bola Tinubu on Thursday formalized the conclusion of a long-standing settlement regarding the controversial Oil Prospecting Licence (OPL) 245. In a meeting attended by Eni CEO Claudio Descalzi and other top executives at the State House, the President signaled the end of a 15-year dispute that had stalled investment in the block. The settlement is being hailed as a "strategic milestone" in the administration's economic reform agenda, aimed at resolving legacy issues that have historically deterred global investors. The resolution of OPL 245 is expected to trigger immediate activity in Nigeria's upstream sector. Specifically, the pathway is now clear for the Final Investment Decision (FID) on the Zabazaba-Etan deepwater project. This project is a critical component of Nigeria's energy security strategy, with the potential to boost the country's oil production capacity by approximately 150,000 barrels per day. According to the Special Adviser to the President on Energy, Olu Verheijen, the new agreement was reached within the framework of the Petroleum Industry Act (PIA). These revised terms are designed to provide investors with much-needed "clarity and predictability" while ensuring that the Nigerian federation captures stronger value from its natural resources. The President commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NNPC Limited for their roles in brokering the deal, reiterating that Nigeria is now prepared to uphold the rule of law to attract responsible, long-term investment. The Bottom Line is that the 15-year saga of OPL 245 has finally concluded with a compromise that favors national production. By clearing the legal hurdles for the Zabazaba-Etan project, President Tinubu is betting that a 150,000-barrel-per-day boost will be the catalyst needed to restore Nigeria's standing as a top-tier destination for energy investment. Source: https://bizwatchnigeria.ng/opl-245-settlement-eni-agip-tinubu-2026/