General – Dispute
The Nigerian government has reached a settlement with Italian energy company Eni and its subsidiary Nigerian Agip Exploration Limited (NAEL) over the long-disputed Oil Prospecting Licence (OPL) 245.
The settlement concludes a dispute that has lasted more than 15 years over rights to the offshore block, considered one of Nigeria’s most commercially significant deepwater assets.
The settlement clears the way for a final investment decision on the Zabazaba–Etan deepwater project, which officials say could add about 150,000 barrels per day to Nigeria’s oil production capacity if developed.
The dispute over OPL 245 has been one of the most controversial in Nigeria’s oil industry, involving years of legal battles and international scrutiny over how the block was originally awarded and subsequently transferred to major oil companies.
The resolution is expected to remove a key uncertainty surrounding the asset and potentially revive investment interest in Nigeria’s deepwater sector.
