President Bola Ahmed Tinubu has announced the successful conclusion of a historic settlement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL), ending a dispute over Oil Prospecting Licence (OPL) 245 that lasted more than 15 years.
This was disclosed in a statement on Thursday, signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The agreement restores clarity and stability to one of Nigeria’s most commercially promising deepwater blocks. The settlement also paves the way for the Final Investment Decision on the Zabazaba–Etan development, a project expected to add approximately 150,000 barrels per day to Nigeria’s production capacity.
According to the statement the meeting in the State House was attended by ENI executives including CEO Claudio Descalzi, COO Guido Brusco, Head of Sub-Saharan Region Mario Bello, NAEL Managing Director Fabrizio Bolondi, and Special Adviser to the President on Energy, Olu Verheijen.
President Tinubu described the resolution as a strategic milestone in his administration’s economic reform agenda, emphasizing the commitment to resolve legacy disputes, restore investor confidence, and ensure Nigeria’s natural resources deliver sustainable value to the 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 investment,” the President said.
According to Olu Arowolo-Verheijen, Special Adviser on Energy, the agreement improves on the 2011 Resolution Agreement, aligns with the Petroleum Industry Act (PIA), and reflects broader fiscal and governance reforms in the energy sector.
He said the revised terms provide investors with clarity and predictability while ensuring stronger value and safeguards for the Federation.
The resolution forms part of a wider programme of reforms initiated since 2023 to restore Nigeria’s competitiveness in global energy markets. The efforts, anchored in the PIA and supported by executive actions, have already attracted renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.
President Tinubu commended all stakeholders involved, including the Office of the Attorney General, the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and ENI leadership, for their roles in reaching the settlement.
The successful resolution highlights the administration’s determination to unlock strategic energy assets, attract responsible investment, and ensure Nigeria’s resources translate into growth, jobs, and long-term prosperity for its citizens.