President Bola Ahmed Tinubu has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, following a settlement agreement between the Federal Government, Eni and Nigerian Agip Exploration Limited.

The development was disclosed after a meeting at the Presidential Villa in Abuja attended by Eni’s Chief Executive Officer, Claudio Descalzi, the company’s Chief Operating Officer, Guido Brusco, Head of Sub-Saharan Region, Mario Bello, Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi, and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.

In a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the presidency said the agreement brings to an end a dispute that has lasted more than 15 years and restores stability to one of Nigeria’s most commercially viable deepwater oil blocks.

The settlement, signed in Abuja, is expected to pave the way for renewed development activities in the offshore block and enable a Final Investment Decision (FID) on the Zabazaba–Etan deepwater project.

Officials said the project could add about 150,000 barrels of crude oil per day to Nigeria’s production capacity once fully operational, significantly boosting the country’s output.

President Tinubu described the resolution as a major milestone in his administration’s economic reform agenda.

“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,” Tinubu said.

Arowolo-Verheijen explained that the agreement improves on the 2011 resolution framework and reflects reforms introduced under the Petroleum Industry Act.

According to her, the revised terms provide clarity and predictability for investors while ensuring improved benefits and safeguards for Nigeria.

The presidency added that the settlement forms part of broader reforms introduced since 2023 to strengthen Nigeria’s competitiveness in the global energy market and attract new investment into the oil and gas sector.

Tinubu also commended institutions involved in achieving the resolution, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited.

According to the presidency, resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces the government’s commitment to transparent governance and predictable regulation in the energy industry.