The Federal Government announced on Thursday that Nigeria has reached a settlement with Eni and Nigerian Agip Exploration Limited, resolving the long-standing dispute over Oil Prospecting Licence 245.
This was disclosed in a statement by presidential spokesman Bayo Onanuga, following a meeting at the Presidential Villa in Abuja attended by Eni CEO Claudio Descalzi and other senior company executives.
According to the statement, the settlement agreement was signed in Abuja, ending a dispute that has lasted over 15 years concerning one of Nigeria’s most commercially promising deepwater oil blocks.
President Bola Tinubu called the settlement a key milestone for Nigeria’s energy sector and economic reform efforts, emphasizing that it underscores the government’s dedication to resolving longstanding disputes and strengthening investor confidence in the nation’s oil industry.
“This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital,” Tinubu said.
The presidential adviser on energy, Olu Arowolo-Verheijen, stated that the new settlement builds on previous arrangements and is fully aligned with the governance and fiscal framework established under the Petroleum Industry Act.
“The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation,” Arowolo-Verheijen said.
The dispute over OPL 245, one of Nigeria’s most valuable offshore oil assets, dates back to the early 2000s and has involved several legal battles between oil companies and the Nigerian government over ownership and development rights.
The block, believed to hold billions of barrels of oil, has been at the centre of international investigations, arbitration proceedings, and court cases involving multiple parties, including Malabu Oil and Gas, Shell plc, and Eni.
In May 2025, the Court of Appeal of Nigeria sitting in Abuja dismissed a suit filed by Malabu Oil and Gas over the disputed $1.3 billion oilfield, ruling in favour of Nigerian Agip Oil Company.
The appellate court set aside a 2020 ruling by the Federal High Court of Nigeria, which had earlier dismissed Agip’s preliminary objection to Malabu’s claim that its rights and interests in OPL 245 remained valid and had not been revoked by the federal government.
