OPL 245 deal to boost Nigeria’s oil output by 150,000 barrels daily
The Federal Government says resolving the long running dispute over Oil Prospecting Licence 245 will unlock new deepwater investment and raise Nigeria’s oil production by about 150,000 barrels per day when fully developed. The agreement, overseen by President Bola Tinubu and signed in Abuja, brings to an end more than 15 years of legal and commercial battles involving ENI, Nigerian Agip Exploration and other parties over ownership and terms of the block. Under the new structure, the controversial OPL 245 oilfield has been split into four separate assets to be operated by ENI and Shell, clearing a major obstacle that had stalled one of Nigeria’s largest untapped deepwater reserves. Officials say the settlement restores clarity and stability to the block, removes a prominent legacy risk in the upstream sector and sends a signal to investors that Nigeria is serious about […]
