The presidency has announced the successful conclusion of a settlement agreement between the federal government, Eni, and Nigerian Agip Exploration Limited.
Bayo Onanuga, presidential spokesperson, announced the agreement in a statement on Thursday.
He said President Bola Tinubu signed the deal at a ceremony on Thursday in Abuja.
“President Bola Tinubu announced today the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” the statement reads.
“The announcement was made at the meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi; the Chief Operating Officer, Guido Brusco; the Head of Sub-Saharan Region, Mario Bello; the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.”
The agreement, the presidency said, brought to a close the long-standing dispute over oil prospecting licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.
Onanuga said the deal signals the resolution of a dispute that spans more than 15 years, restoring clarity and stability to “an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks”.
“With the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook,” he said.
Speaking during the signing ceremony, Tinubu reportedly described the agreement as a key milestone in Nigeria’s economic reform programme.
He reaffirmed his administration’s commitment to settling longstanding disputes, rebuilding investor confidence, and ensuring the country’s natural resources generate sustainable benefits for Nigerians.
“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 was quoted as saying.
He commended all institutions and stakeholders who contributed to achieving the settlement, including the office of the attorney-general of the federation, the ministry of petroleum resources, and the special adviser to the president on energy.
He also thanked the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company (NNPC) Limited, and the leadership of Eni.
On her part, Verheijen said the settlement also represents a significant improvement on the 2011 resolution agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector.
“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,” she said.
By resolving the OPL 245 dispute, Verheijen said the federal government has eliminated one of the most significant longstanding risks in Nigeria’s upstream oil sector.
She added that the federal government has further demonstrated its commitment to consistent regulation, transparent governance, and investment frameworks that support commercial viability.
