Tinubu Resolves OPL 245 Dispute with ENI for Investment

On Thursday, in Abuja, President Bola Ahmed Tinubu announced the resolution of the long-standing OPL 245 dispute with ENI, which has hindered investment in Nigeria's significant deepwater resources for the past 15 years. The agreement was reached during a meeting attended by ENI's Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, and other senior officials.

Tinubu described the agreement as a strategic milestone in his administration's economic reform agenda, signaling to global investors that Nigeria is prepared to address legacy issues while upholding transparency and the rule of law. The settlement is expected to pave the way for the development of the Zabazaba-Etan deepwater project, which is anticipated to add 150,000 barrels per day to Nigeria's oil production capacity.

Tinubu commended the contributions of various institutions, including the Nigerian Upstream Petroleum Regulatory Commission and NNPC, in reaching this settlement, underscoring his administration's determination to unlock Nigeria's energy assets and attract responsible investment in the sector.