Mkpoikana Udoma
Port Harcourt — Nigeria has reached a settlement with Italian energy major, Eni and Nigeria Agip Exploration Limited, over the long-running dispute concerning the oil block OPL 245, in a move aimed at restoring investor confidence and unlocking fresh investment in the country’s oil sector.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the settlement agreement was signed on behalf of the Federal Government alongside the Attorney General of the Federation.
Lokpobiri on his official X handle said the resolution reflects the administration’s commitment to creating a predictable and investor-friendly environment in Nigeria’s energy industry.
“When new businesses are signed, I feel excited because of the prosperous impact they will have on our nation’s economy,” he stated.
“This sense of optimism was particularly strong as I signed, alongside the Attorney General of the Federation, on behalf of the Federal Government of Nigeria, the settlement agreement between the Federal Government, ENI, and Nigeria Agip Exploration Limited concerning the OPL 245 dispute.”
The minister commended Bola Ahmed Tinubu for supporting the process that led to the resolution.
“I commend President Bola Ahmed Tinubu for his leadership and steadfast support in making this achievement possible,” Lokpobiri said.
He added that the agreement sends a strong message to international investors about Nigeria’s commitment to transparency and legal certainty in the oil and gas sector.
“This resolution sends a strong signal to the global investment community that Nigeria is committed to clarity, predictability, and a strong legal framework,” he noted.
Lokpobiri also urged ENI to move swiftly toward making a Final Investment Decision, FID, on the asset so the settlement can translate into tangible economic benefits.
“While I acknowledge ENI’s longstanding background in fast-tracking major investments, which is precisely the momentum we anticipate following this resolution, I call on them to proceed to a Final Investment Decision on the asset so that this resolution is translated into profitability for Nigerians and for ENI as the investor,” he said.
The OPL 245 block has been at the centre of a high-profile legal dispute spanning more than a decade, involving allegations of corruption and contested ownership rights.
SweetCrude Reports noted that the settlement could pave the way for new investments in one of Nigeria’s most valuable offshore oil assets, potentially boosting production, government revenue, and investor confidence in the country’s upstream sector.
