President Tinubu Resolves 15-Year OPL 245 Dispute to Unlock 150,000 Barrels Per Day Deepwater Investment

President Tinubu settles the 15-year OPL 245 dispute with Eni, paving the way for the 150,000 bpd Zabazaba-Etan project and new deepwater investment.

By: AXL Media

Published: Mar 6, 2026, 4:34 AM EST

Source: The information in this article was sourced from The NEWS

Diplomatic Breakthrough Ends Longstanding Deepwater Stagnation

Nigeria has officially closed a turbulent chapter in its energy history with the resolution of the Oil Prospecting Licence (OPL) 245 dispute, a move formalized during high level talks at the State House. President Bola Tinubu hosted Eni CEO Claudio Descalzi and senior executives to finalize a settlement that restores legal clarity to one of Africa's most prospectively rich offshore blocks. The agreement terminates over 15 years of legal friction, signaling a strategic pivot toward operationalizing dormant assets that have long been mired in international arbitration and domestic controversy.

Strategic Framework Aligns with Petroleum Industry Act Standards

The new settlement is framed as a significant technical improvement over the previous 2011 resolution, incorporating the rigorous governance standards of the Petroleum Industry Act. According to Olu Verheijen, the Special Adviser to the President on Energy, the revised terms provide the fiscal predictability necessary for capital intensive deepwater ventures while protecting the federation’s long term interests. By integrating these modern regulatory safeguards, the administration aims to ensure that future value accretion from the block remains transparent and commercially viable for all signatories.

Zabazaba Project Poised for Rapid Production Expansion

With the removal of legal barriers, the pathway is now clear for the multi billion dollar Zabazaba–Etan development to reach a Final Investment Decision. This specific project is forecasted to contribute approximately 150,000 barrels per day to Nigeria’s total oil output, a critical volume for a nation seeking to meet its production quotas and stabilize its currency. The administration views the development of this asset as a cornerstone of its broader economic reform agenda, intended to strengthen the country’s energy security through expanded upstream activity.