President Bola Tinubu has announced the successful conclusion of a long standing settlement agreement between the Federal Government of Nigeria and Eni alongside Nigerian Agip Exploration Limited over the controversial Oil Prospecting Licence known as OPL 245.
The agreement was revealed during a meeting held at the presidential office where Tinubu received the Chief Executive Officer of Eni Claudio Descalzi and other senior executives from the energy company. Among the officials present were Eni Chief Operating Officer Guido Brusco Head of Sub Saharan Region Mario Bello and Managing Director of Nigerian Agip Exploration Fabrizio Bolondi.
According to a statement released by presidential spokesperson Bayo Onanuga the settlement effectively brings to an end a dispute that has lasted for more than fifteen years and has long been considered one of the most prominent legacy issues in Nigeria’s oil sector.
With the agreement now finalized the path has been cleared for a Final Investment Decision on the Zabazaba Etan deepwater project which is expected to significantly boost Nigeria’s oil production capacity. The project is projected to add approximately 150000 barrels of crude oil per day once fully operational.
President Tinubu described the resolution as a major strategic milestone for his administration’s economic reform agenda. He emphasized that resolving the dispute sends a strong message to international investors that Nigeria is committed to addressing legacy challenges while maintaining transparency and respect for the rule of law.
Tinubu also expressed optimism that the settlement will help restore investor confidence in Nigeria’s energy sector and create a le environment for long term investment in the country’s vast oil and gas resources.
The Special Adviser to the President on Energy Olu Verheijen noted that the revised agreement reflects key reforms introduced under the Petroleum Industry Act which aims to improve governance transparency and investment attractiveness in Nigeria’s petroleum industry.
The president further commended the contributions of key institutions including the Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited for their roles in facilitating the resolution.
He stated that the successful settlement highlights the administration’s determination to unlock Nigeria’s energy assets and attract responsible investment that will strengthen economic growth and national revenue.
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