President Bola Tinubu on Thursday announced the successful conclusion of a historic settlement agreement between the federal government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL) at a meeting in his office attended by the chief executive officer of Eni, Claudio Descalzi, chief operating officer of Eni Guido Brusco, Head of Sub-Saharan Region, Mario Bello, managing director of Nigerian Agip Exploration, Fabrizio Bolondi and Special Adviser to the President on Energy, Olu Verheijen.
Presidential spokesman, Bayo Onanuga, who made this known, said the agreement 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.
The agreement, signed in Abuja, marks the resolution of a dispute spanning more than 15 years and restores 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.
