Tinubu Resolves OPL 245 Dispute, Boosts Oil Investment

President Bola Tinubu announced the successful conclusion of a landmark settlement regarding the OPL 245 dispute during a meeting on Thursday at the Presidential Office. Attendees included Eni executives such as CEO Claudio Descalzi and COO Guido Brusco.

The agreement, signed in Abuja, resolves a 15-year dispute, restoring clarity and stability to Nigeria's commercial prospects in the deepwater oil block. The settlement is expected to facilitate a final investment decision on the Zabazaba and Etan development project, projected to add 150,000 barrels per day to the country's oil production.

Tinubu described the agreement as a strategic milestone in Nigeria's economic reform agenda, emphasizing its role in attracting investment and strengthening regulatory predictability. The resolution is part of broader reforms aimed at restoring Nigeria's competitiveness in the global energy market and ensuring a viable investment framework.

Tinubu commended the involvement of various stakeholders, including the Attorney General and the Minister of Petroleum Resources, in achieving this settlement.