President Bola Tinubu has announced a historic settlement agreement between the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL) over the long-standing Oil Prospecting Licence (OPL) 245 dispute, widely known as the Malabu oil deal.
Presidential spokesperson Bayo Onanuga, in a statement on Thursday, said the agreement, signed in Abuja, marks the end of a 15-year dispute and clears the path for the development of one of Nigeria’s most significant deepwater blocks.
The announcement, he said, was made at the meeting in his office attended by the Chief Executive Officer of Eni, Claudio Descalzi; the Chief Operating Officer, Guido Brusco; the Head of Sub-Saharan Region, Mario Bello; the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
“With the dispute now settled, the pathway is clear for the Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook,” Mr Onanuga said.
Mr Tinubu, according to the statement, described the agreement as a strategic milestone in Nigeria’s economic reform agenda, reaffirming the administration’s commitment to resolving legacy disputes and restoring investor confidence.
“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,” Mr Tinubu said.
Olu Arowolo-Verheijen, Presidential adviser on energy, said: the settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector.
“The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation.”
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“By resolving the OPL 245 dispute, the federal government has removed one of the most prominent legacy risks in Nigeria’s upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks,” she said.
Mr Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI.
“The successful resolution underscores the Tinubu Administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the nation’s resources translate into growth, jobs, and long-term prosperity for Nigerians,” the statement said.
