President Bola Tinubu on Wednesday announced the successful conclusion of a landmark settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited.
The agreement, finalized in the President’s office in Abuja, followed a high-level meeting attended by Eni 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.
The settlement resolves a long-standing dispute over Oil Prospecting Licence (OPL) 245, clearing the way for development of one of Nigeria’s most significant deepwater assets, according to a statement from the President’s media aide, Bayo Onanuga.
President Tinubu said the resolution sends a clear signal to global investors that Nigeria is committed to addressing legacy issues transparently and upholding the rule of law.
“This agreement marks the end of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognized as one of Nigeria’s most commercially promising deepwater blocks,” the statement said.
With the dispute resolved, the pathway is now clear for the Final Investment Decision on the Zabazaba–Etan development, a project expected to add roughly 150,000 barrels per day to Nigeria’s production capacity and strengthen the country’s long-term energy outlook.
Tinubu described the settlement 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 the nation’s natural resources deliver sustainable value to the Nigerian people.
Olu Arowolo-Verheijen, the President’s Special Adviser on Energy, said the settlement represents a “significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and broader fiscal and governance reforms in the energy sector.”
“The revised terms strike a balanced outcome, providing investors with the clarity and predictability required for major deepwater investments, while ensuring stronger value accrual and safeguards for the Federation,” he added.
The agreement is part of a wider programme of reforms initiated since 2023 to restore Nigeria’s competitiveness in global energy markets. These reforms, anchored in the PIA and supported by targeted executive actions, have already spurred renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.
President Tinubu commended all institutions and stakeholders involved in achieving the settlement, including the Office of the Attorney General of the Federation, Ministry of Petroleum Resources, NUPRC, NNPC Limited, and the leadership of ENI.
“The successful resolution underscores our 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,” the statement concluded.
