Tinubu Resolves OPL 245 Dispute, Boosts Oil Investment

President Bola Tinubu announced the successful conclusion of a historic settlement agreement regarding the OPL 245 oil prospect license, which has been a source of dispute for 15 years. The agreement was signed in Abuja and involved key figures such as Claudio Descalzi, Chief Executive Officer of Eni, and Mario Bello, Managing Director of Nigerian Agip Exploration.

This resolution is expected to unlock major deepwater investments, particularly for the Zabazaba and Etan development projects, which are projected to enhance Nigeria's production capacity by approximately 150,000 barrels per day. Tinubu described the agreement as a strategic milestone in Nigeria's economic reform agenda, reaffirming his administration's commitment to resolving legacy disputes and restoring investor confidence.

The settlement aligns with the Petroleum Industry Act and broader fiscal governance reforms aimed at improving Nigeria's competitiveness in the global energy market. It signals a clear intention to create a stable environment for long-term capital investment in the oil and gas sector.