President Bola Tinubu has resolved the long-standing dispute surrounding Oil Prospecting License (OPL) 245 in the Niger Delta, bringing an end to a legal and commercial impasse that has persisted for over 15 years.

In a statement issued on Thursday, the Federal Government announced that Italian energy company Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL), have signed a settlement agreement in Abuja.

The deal followed a meeting involving Eni’s Chief Executive Officer, Claudio Descalzi, the Managing Director of NAEL, Fabrizio Bolondi, and Tinubu’s Special Adviser on Energy, Olu Arowolo-Verheijen.

Speaking on the development, Tinubu said the resolution demonstrates Nigeria’s commitment to strengthening investor confidence.

“This resolution sends a clear signal to global investors that Nigeria is ready to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital,” the President stated.

Arowolo-Verheijen noted that the new agreement improves on the terms of a 2011 deal, offering greater benefits to the country while ensuring certainty for investors.

“The revised terms strike a balanced outcome, delivering stronger value for the Federation while also providing safeguards and predictability for investors,” she said.

OPL 245 is regarded as Nigeria’s largest untapped deepwater oil block.