Tinubu Resolves OPL 245 Dispute, Boosts Oil Sector

On a recent date, President Bola Ahmed Tinubu announced the successful resolution of the long-standing dispute concerning Oil Prospecting License (OPL) 245. This announcement was made during a meeting at the Presidential Villa in Abuja, attended by key executives from Eni, including CEO Claudio Descalzi and COO Guido Brusco, as well as Nigerian Agip Exploration's Managing Director Fabrizio Bolondi.

The agreement, which aims to end a 15-year dispute, is expected to restore stability to Nigeria's commercial prospects in the deepwater oil block. The settlement clears the path for renewed development activities in the offshore block and is anticipated to lead to a final investment decision on the Zabazaba and Etan deepwater project, which is expected to add approximately 150,000 barrels of crude oil per day to Nigeria's production capacity.

President Tinubu described the settlement as a strategic milestone in his administration's economic reform program and part of broader reforms to improve Nigeria's competitiveness in the global energy market.