₦airaland Forum

History Made - President Tinubu Resolves The Age Long OPL 245 Oil Well Dispute

STATEHOUSE PRESS RELEASE

President Tinubu announces the historic resolution of the OPL 245 Dispute, Unlocks Major Deepwater Investment

President Bola Tinubu announced today the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL).

The announcement 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.

The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria's most significant deepwater resources.

Signed in Abuja, the agreement marks the resolution of a dispute spanning more than 15 years. It restores clarity and stability to an asset widely recognised as one of Nigeria's most commercially promising deepwater blocks.

With the dispute now settled, the pathway is clear for 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.

President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria's economic reform agenda, reaffirming the administration's commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria's natural resources deliver sustainable value to the Nigerian people.

"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," the President 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”, said Olu Arowolo-Verheijen, Presidential adviser on energy.

“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”, Arowolo-Verheijen added.

The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria's competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria's oil and gas sector.

“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”, Arowolo-Verjeihen further said.

President 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.

Bayo Onanuga
Special Adviser to the President
( Information and Strategy)

March 5, 2026

Source

We are looking at the prospect of an immediate addition of 150,000 BPD of crude oil. That will be a massive boost to our revenue and economy.

seunmsg:
We are looking at the prospect of an immediate addition of 150,000 BPD of crude oil. That will be a massive boost to our revenue and economy.

And more money to the looters

Why won't he resolve it when it mean more money to be looted?.

Amotolongbo:
And more money to the looters

I see more money for development.

Good effort but what now happened to the living crooks behind this sabotage? Some of them are still alive still robbing the nation blind.

That's right this section

Long overdue.. Something that other presidents have been ignoring

Presidency with balls

Amotolongbo:
And more money to the looters

Even if they want to loot , let them give us projects in exchange. Win win for everyone

Let's wait to hear what the madman will advice ask his client to say!

Racoon:
Good effort but what now happened to the living crooks behind this sabotage? Some of them are still alive still robbing the nation blind.

They are majorly folks who served in the Jonathan administration and now part of ADC or Obidient movement. If the Tinubu administration goes after them, you will be one of the very first people to shout political persecution.

seunmsg:
History Made - President Tinubu Resolves The Age Long OPL 245 Oil Well Dispute




Source

Olu Arowolo-Verheijen, Presidential adviser on energy has done it again.

Thank God!

God bless Nigeria. God bless PBAT

seunmsg:
They are majorly folks who served in the Jonathan administration and now part of ADC or Obidient movement. If the Tinubu administration goes after them, you will be one of the very first people to shout political persecution.

Lolz, I guess federal government had to forfeit some money to achieve this feat.

This issue has been dragging for many years.

Nice one by the president 👏

Amotolongbo:
And more money to the looters

Especially your state governor,senator and LG chairman

seunmsg:
We are looking at the prospect of an immediate addition of 150,000 BPD of crude oil. That will be a massive boost to our revenue and economy.

+
Your worship of the frog has made you unable to read. Look at you saying "immediate." This will still take years, probably even a decade.

seunmsg:
They are majorly folks who served in the Jonathan administration and now part of ADC or Obidient movement. If the Tinubu administration goes after them, you will be one of the very first people to shout political persecution.

+
Again, emotional. This matter has been a problem from the time of OBJ and I think even earlier.

Amotolongbo:
And more money to the looters

Definitely more tears in eyes of the haters.

seunmsg:
We are looking at the prospect of an immediate addition of 150,000 BPD of crude oil. That will be a massive boost to our revenue and economy.

Oga, tell your APC leader to do something about power. Power supply has become terrible around the country. No, I cannot keep quiet about it because the cost of living in Nigeria is increasing every day!

helinues:
Long overdue.. Something that other presidents have been ignoring

Presidency with balls

+
Far too early. Every president has tried and reached similar agreements only for the implementation to fall out.

Good news.

Whether in politics or economics, Mr Tinubu is a pragmatic deal maker.

The only issue with the oil deals is you may not see a drop of oil from that deal for 2 years due to the infrastructure that is often required to get oil out of wells.

Hopefully this one will be faster, as I believe drilling had already taken place years back.

seunmsg:
History Made - President Tinubu Resolves The Age Long OPL 245 Oil Well Dispute




Source

No be Infantino be that wey stand beside Danladi wife? 🤔

Peter Obi can only negotiate prices of groundnuts and they want me to vote him.

After experiencing Tinubu's administration as Lagos Governor, I take it as a personal insult to tell me to vote Obi.

Good job, and I hope they use whatever they get for the development of Nigeria.

@President Tinubu’s tailor is the worst Nigerian native custom-made tailor.

The OPL 245 bribery affair, also known as Malabu oil deal scandal, centres on a 2011 agreement in which Royal Dutch Shell and Italy’s Eni paid US $1.3 billion to acquire Nigeria’s deep-water oil licence OPL 245, a block believed to hold nine billion barrels of crude. Prosecutors and activists alleged that almost US $1.1 billion of the purchase price was channelled through middlemen to politicians and officials, including former petroleum minister Dan Etete, whose company Malabu Oil & Gas had originally been awarded the field. The affair gave rise to criminal trials in Italy, civil suits in the United Kingdom, parallel investigations in Nigeria, the Netherlands and the United States, and has become one of the largest cross-border corruption sagas in the history of the oil industry.

The investigative documentary, produced by TheCable newspaper and the Cable Foundation, shares more insight on the $1.3 billion OPL 245 saga, also known as “Malabugate”.

Part 1

https://www.youtube.com/watch?v=Lj_nqioSY_Y?si=J5mEBeqyfPqz87C0

Part 2

https://www.youtube.com/watch?v=3g3ChH-lN0s?si=p8L626baw1JQQH9Y

Part 3

https://www.youtube.com/watch?v=r7CwRBJmvPk?si=zmV62A0r1B9eUFqX

Ashirioluwa:
G

@President Tinubu’s tailor is the worst Nigerian native custom-made tailor.

I an not sure it is the tailor.

Most of Mr Tinubu's attires does not suit his physical stature.

I think he looks better in Yoruba-style buba and shoro with agbada than the long-top format he wears.

What a quiet Agip and co.
Good development

DeepSight:
+
Far too early. Every president has tried and reached similar agreements only for the implementation to fall out.

But you saw with balls in my comments now

Tinubu no really get wahala oh... Baba Don resolve almost all naija issues oh, from fuel scarcity, fuel subsidy to ASUU strike issues..... Na only electricity remain like dis....

As Iran, isreal and Saudi Arabia dey bomb each other like this... If it was in the past we would have started to queue for fuel and we would been at the mercy of the evil greedy marketers...

Omo we suffer no be small for dis country especially for Abuja.. Omo I queue for jst 7k fuel for over 5 hours

Man is using another person

That agulu m0r0n who takes advice from a mad man couldn't have been able to do this.