Federal Government don sign major agreement with Eni and Nigerian Agip Exploration Limited (NAEL) to finally settle the long-standing dispute over Oil Prospecting Licence (OPL) 245.
Presidential spokesman, Bayo Onanuga, announce the development for statement on Thursday, saying Bola Tinubu sign the agreement during ceremony wey happen for Abuja.
According to the presidency, the agreement go bring permanent end to the oil block dispute wey don last for more than 15 years and go open the way for development of one of Nigeria most valuable deepwater oil resources.
The meeting wey lead to the signing include top executives from Eni like Claudio Descalzi, Chief Executive Officer; Guido Brusco, Chief Operating Officer; Mario Bello, Head of Sub-Saharan Region; and Fabrizio Bolondi, Managing Director of Nigerian Agip Exploration.
Also present na the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
Onanuga explain say the agreement don clear the path for Final Investment Decision on the Zabazaba–Etan deepwater project. According to am, the project fit add about 150,000 barrels of crude oil per day to Nigeria oil production capacity and improve the country long-term energy outlook.
While speaking during the ceremony, President Tinubu describe the agreement as major milestone for Nigeria economic reform programme.
The president also reaffirm say him administration ready to resolve old disputes, restore investor confidence and make sure say Nigeria natural resources bring sustainable benefits for citizens.
According to Tinubu, the settlement send strong signal to global investors say Nigeria ready to solve old issues transparently, respect rule of law and create stable environment for long-term investments.
The president also commend institutions wey contribute to the settlement, including the Office of the Attorney-General of the Federation, Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Nigerian National Petroleum Company Limited.
Energy adviser Verheijen talk say the agreement improve the earlier 2011 resolution and align with reforms under the Petroleum Industry Act (PIA).
She explain say the new terms give investors the clarity and stability wey dem need to continue with major deepwater oil investments, while still protecting Nigeria national interest.
According to her, by resolving the OPL 245 issue, the federal government don remove one of the biggest long-standing risks for Nigeria upstream oil sector.
The development come few days after report say Nigeria plan to divide OPL 245 into four new oil assets wey Eni and Shell go operate.
