OPL 245 Settlement Opens Path For Major Nigerian Oil Project

ABUJA, Nigeria – The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the resolution of the long-running dispute over Oil Prospecting Licence 245 (OPL 245) will unlock development of the Zabazaba–Etan deepwater project, potentially boosting national oil production.

The Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, says the project could add about 150,000 barrels of crude oil per day to Nigeria’s output once development progresses.

In a statement released Saturday, Ojulari describes the settlement as a significant milestone for Nigeria’s energy sector.

“We are honoured that President Bola Ahmed Tinubu entrusted NNPC Limited with supporting the resolution of the long-standing OPL 245 dispute,” he says.

The Presidency earlier announced that the Federal Government had reached a settlement agreement with Eni and Nigerian Agip Exploration Limited (NAEL) on March 5.

Officials say the agreement ends a dispute lasting more than 15 years, restoring stability to one of Nigeria’s most commercially promising offshore oil blocks.

“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project,” Ojulari says.

He adds that the project would significantly strengthen Nigeria’s energy security and economic resilience.

The presidency says the agreement is reached during a meeting attended by senior executives from Eni, including Chief Executive Claudio Descalzi, Chief Operating Officer Guido Brusco, and regional leadership representatives.

Also present are Fabrizio Bolondi, Managing Director of Nigerian Agip Exploration, and the President’s Special Adviser on Energy, Olu Verheijen.

Officials say the deal restores investor confidence and creates conditions for the responsible development of Nigeria’s offshore energy resources.

Ojulari says the outcome demonstrates the value of collaboration and persistence in unlocking Nigeria’s vast oil potential.

“This achievement reflects a shared commitment to responsibly harness Nigeria’s energy resources for national development,” he adds.

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Koko Maxwella

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Koko Maxwella is a reporter with Africa Health Report. A graduate of Public Administration, she focuses on healthcare and development reporting, with a passion for using journalism to inform, inspire change, and promote community well-being. X (Twitter): @onyebikela20388

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