Nigeria Resolves 15-Year OPL 245 Oil Dispute with Eni

The Nigerian government, represented by Minister of State for Petroleum Resources Heineken Lokpobiri and former Attorney General Mohammed Adoke, has successfully resolved a 15-year dispute concerning the OPL 245 oil prospect license with Italian oil giant Eni. The settlement agreement was finalized during a ceremony at the Presidential Villa in Abuja, attended by key figures including President Bola Tinubu and Eni executives.

This resolution is seen as a significant step towards restoring clarity and stability to Nigeria's offshore assets, enhancing investor confidence, and unlocking the full potential of the country's strategic oil resources. The agreement is expected to facilitate the final investment decision for the Zabazaba and Etan development project, which has the capacity to produce approximately 150,000 barrels per day.

Lokpobiri emphasized the importance of this development for Nigeria's long-term energy outlook, while Adoke criticized the previous administration for its handling of the dispute.