The resolution of the OPL 245 dispute paves the way for the development of the Zabazaba–Etan deepwater project, potentially adding 150,000 barrels per day to Nigeria’s oil production. This agreement, finalized between the Federal Government, Eni, and Nigerian Agip Exploration Limited (NAEL), concludes a dispute spanning over 15 years and demonstrates Nigeria's commitment to transparently resolving legacy issues to foster a stable investment climate.
Bayo Ojulari, the Group Chief Executive Officer of Nigeria n National Petroleum Company Limited, has confirmed that the resolution of the longstanding dispute concerning Oil Prospecting Lease (OPL) 245 will facilitate the advancement of the Zabazaba–Etan deepwater project . This project holds the potential to significantly boost Nigeria 's crude oil output, potentially adding approximately 150,000 barrels per day (bpd) to the nation's production capacity.
The announcement follows the successful conclusion of a settlement agreement reached on March 5th between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL). This agreement, as announced by the Presidency, effectively ended a protracted dispute, creating an opportunity to develop a key deepwater resource crucial to Nigeria's energy sector and overall economy.\Ojulari acknowledged the resolution as a landmark achievement, both for Nigeria and NNPC Limited, highlighting the commitment to responsible development of strategic energy assets. He emphasized NNPC Limited's honour in being entrusted by President Bola Ahmed Tinubu GCFR to support the resolution of the complex OPL 245 dispute. This trust underscores the government's confidence in NNPC's role in the development and management of the nation's energy resources. The resolution of the dispute is seen as a crucial step in unlocking the full potential of the Zabazaba–Etan project, a deepwater asset with significant economic implications. Progressing this project aligns with national goals of strengthening energy security and boosting economic resilience. The resolution of the OPL 245 issue sends a clear message to global investors that Nigeria is committed to transparently resolving past issues and fostering a stable investment climate. The achievement exemplifies the importance of collaborative efforts, perseverance, and a shared dedication to maximizing Nigeria’s extensive energy resources for the benefit of the nation.\The Presidency's statement outlined the agreement's formulation, involving discussions in the President's office with key Eni executives, including Claudio Descalzi, CEO, and Guido Brusco, COO, alongside officials from Nigerian Agip Exploration and the Special Adviser to the President on Energy, Olu Verheijen. The agreement, finalized in Abuja, effectively concludes a dispute that had persisted for over fifteen years. The resolution restores clarity and stability to OPL 245, a deepwater block recognized for its commercial promise. This opens the door to the full development of the Zabazaba–Etan project, unlocking significant potential for Nigeria's oil production and related economic benefits. The successful resolution is a positive development for Nigeria's energy sector and the broader economy, paving the way for further investment and growth
OPL 245 Zabazaba-Etan Deepwater Project Nigeria Oil Production
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'It'll unlock 150k bpd' -- Ojulari says OPL 245 settlement paves way for Zabazaba–Etan projectBayo Ojulari, group chief executive officer (GCEO), the Nigerian National Petroleum Company (NNPC) Limited, says the oil prospecting lease (OPL) 245 dispute settlement clears the path for the development of the Zabazaba–Etan project, a deepwater asset.
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