NIGERIA TV INFO — ENERGY / OIL & GAS

Tinubu Brokers Settlement of 15-Year OPL 245 Dispute

President Bola Ahmed Tinubu on Thursday presided over the conclusion of a settlement agreement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL), bringing an end to the long-running dispute over Oil Prospecting Licence 245.

The agreement was finalized during a closed-door meeting at the Aso Rock Presidential Villa in Abuja, ending a legal and commercial dispute that had lasted for more than 15 years.

According to a statement released by presidential spokesman Bayo Onanuga, the meeting was attended by several top executives of Eni, including the company’s Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, and Managing Director of Nigerian Agip Exploration Fabrizio Bolondi. Also present was the President’s Special Adviser on Energy, Olu Verheijen.

The resolution is expected to clear the path for the development of one of Nigeria’s most commercially promising deepwater oil blocks. Analysts say the agreement could unlock billions of dollars in investment and significantly boost Nigeria’s oil production and revenue in the coming years.

The settlement marks a major step toward restoring investor confidence in Nigeria’s oil and gas sector after years of legal battles surrounding the OPL 245 asset.