President Tinubu has announced the successful resolution of the long-standing dispute over Oil Prospecting Licence 24, describing it as a historic milestone that will unlock major investment in Nigeria’s deepwater oil sector.
The President made the announcement on Thursday during a meeting at the Presidential Villa in Abuja with executives of the Italian energy company Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL).
Those present at the meeting included the Chief Executive Officer of Eni, Claudio Descalzi ; the company’s Chief Operating Officer, Guido Brusco ; the Head of Sub-Saharan Region, Mario Bello ; Managing Director of Nigerian Agip Exploration Limited, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen .
The agreement, signed in Abuja between the Federal Government of Nigeria, Eni , and Nigerian Agip Exploration Limited , brings to an end a dispute that has lasted more than 15 years over the ownership and development of the oil block.
With the settlement, the parties have cleared the path for the Final Investment Decision on the Zabazaba–Etan deepwater project, which is expected to add about 150,000 barrels of oil per day to Nigeria’s production capacity.
President Bola Ahmed Tinubu described the agreement as a strategic step in the government’s economic reform agenda, aimed at resolving legacy disputes and restoring investor confidence in Nigeria’s energy sector.
“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.
According to Olu Arowolo-Verheijen , the revised settlement significantly improves on the 2011 resolution agreement and aligns with reforms introduced under the Petroleum Industry Act , providing investors with the clarity required to proceed with major deepwater investments while safeguarding national interests.
He noted that the resolution of the dispute removes one of the most prominent legacy risks in Nigeria’s upstream oil sector and reinforces the government’s commitment to transparent governance and predictable regulatory frameworks.
President Bola Ahmed Tinubu also commended institutions that contributed to the settlement, including the Office of the Attorney General of the Federation, Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission , and NNPC Limited.
The President said the development underscores his administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the country’s natural resources translate into economic growth, jobs, and long-term prosperity for Nigerians.
