The Federal Government has signed a settlement agreement with Eni and Nigerian Agip Exploration Limited to resolve the long-standing dispute over Oil Prospecting Licence 245. Presidential spokesperson Bayo Onanuga said President Bola Tinubu signed the agreement on Thursday in Abuja.
The presidency said the deal brings an end to a dispute that has lasted more than 15 years. It added that the resolution restores stability to one of Nigeria’s most commercially promising deepwater oil blocks.
The agreement is expected to clear the way for a final investment decision on the Zabazaba and Etan deepwater project. The project could add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.
Also Read: Federal High Court Rejects Libel Action Linked to OPL 245 Dispute
The Federal Government said the settlement will help boost investor confidence and strengthen the country’s energy sector. It also noted that the resolution aligns with ongoing reforms aimed at improving transparency and attracting long-term investment in Nigeria’s oil and gas industry.
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