OPL 245: Tinubu finally settles Nigeria’s largest untapped oil block dispute after 15 years

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

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.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.