The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has said the resolution of the dispute surrounding oil prospecting lease (OPL) 245 would enable the development of the Zabazaba–Etan deepwater project.
In a statement issued on Saturday, Mr Ojulari noted that advancing the project could increase Nigeria’s crude oil output by about 150,000 barrels per day (bpd).
On March 5, the presidency announced that a settlement agreement had been successfully concluded among the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL).
It was stated that the agreement ended the protracted dispute over OPL 245 and created the opportunity to move forward with the development of one of Nigeria’s most important deepwater resources.
Commenting on the development, Mr Ojulari described the resolution as a major milestone for both the country and NNPC as efforts continue to promote the responsible development of Nigeria’s strategic energy assets.
“We are honoured that President Bola Ahmed Tinubu GCFR entrusted NNPC Limited with the responsibility of supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” the NNPC chief said.
“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project.
“Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, representing a significant step toward strengthening our national energy security and economic resilience,” he added.
Mr Ojulari further said the achievement demonstrates the value of collaboration, persistence, and a shared determination to utilise Nigeria’s vast energy resources for the country’s benefit.
The end of the long-standing dispute over Oil Prospecting Licence (OPL) 245 paves the way for the development of one of Nigeria’s most significant deepwater resources. The agreement, signed in Abuja, marked the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.