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After 15 years, President Bola Tinubu has resolved the long-standing conflict concerning Oil Prospecting License 245 in the Niger Delta.

On Thursday, the Nigerian government issued a statement revealing that a settlement agreement was signed in Abuja between Italian energy giant Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL).

After a meeting involving Claudio Descalzi (Eni’s CEO), Fabrizio Bolondi (NAEL’s Managing Director), and Olu Arowolo-Verheijen (Tinubu’s Special Energy Adviser), the agreement was reached.

Commenting, Tinubu said, “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.”

Arowolo-Verheijen stressed that the terms enhance a 2011 agreement, delivering better value for Nigeria and ensuring predictability for investors. “The revised terms strike a balanced outcome… ensuring stronger value accretion and safeguards for the Federation,” she said.

OPL 245 is the largest deepwater oil block in Nigeria that has not yet been exploited.

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