Nigeria Restructures OPL 245 Oil Block After Disputes

The Nigerian federal government has restructured the OPL 245 oil block, which has been embroiled in disputes for nearly three decades, into four new operational assets involving Eni and Shell. This restructuring aims to clear the path for developing Nigeria's largest untapped deepwater reserves.

Sources familiar with the developments indicated that this move signals a significant shift in the government's long-standing efforts to resolve disputes surrounding OPL 245, which has been plagued by overlapping lawsuits and investigations across Nigeria and Italy. The block was originally awarded in 1998 to Malabu Oil and Gas, linked to former Nigerian oil minister Dan Etete, and was later acquired by Shell and Eni in a deal valued at $1.3 billion.

However, the transaction became the subject of a high-profile corruption trial in Italy, where prosecutors alleged that a significant portion of the purchase price was diverted to politicians and intermediaries. The restructuring is expected to accelerate investment and boost Nigeria's crude oil production capacity, providing greater clarity as final contracts are signed.