Tinubu Resolves 15-Year OPL 245 Oil Dispute

On Thursday, President Bola Tinubu presided over the historic resolution of the 15-year dispute concerning the OPL 245 oil prospect license. The agreement was finalized during a closed-door meeting at the State House in Abuja, attended by key executives from Eni and Nigerian Agip Exploration, including Claudio Descalzi and Mario Bello.

This resolution is expected to pave the way for the development of Nigeria's significant deepwater resources and restore clarity and stability to the asset. Tinubu described the agreement as a strategic milestone in Nigeria's economic reform agenda, reaffirming his administration's commitment to resolving legacy disputes and ensuring that Nigeria's natural resources deliver sustainable value to its people.

The settlement is part of a broader reform program aimed at attracting investment and enhancing Nigeria's competitiveness in the global energy market, with the potential to increase production capacity by approximately 150,000 barrels per day. The agreement reflects the policies established under the Petroleum Industry Act and aims to create a predictable regulatory environment for investors.