President Bola Ahmed Tinubu announced that the Federal Government has reached a settlement agreement with Eni and Nigerian Agip Exploration Limited, officially ending one of the most controversial oil disputes in Nigeria’s history.
The agreement clears the path for the Zabazaba–Etan deepwater project, which could potentially add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.
According to the presidency, the deal restores stability to OPL 245, a deepwater oil block believed to contain billions of barrels of crude, and removes a major legal obstacle that has discouraged investors for years.
Tinubu described the settlement as a major milestone for Nigeria’s energy sector, saying it signals to global investors that the country is ready to resolve long-standing disputes and create a more stable environment for large investments.
The development is also expected to boost government revenue, attract foreign investment, and strengthen Nigeria’s long-term energy outlook.
The OPL 245 saga — often referred to as the Malabu oil deal scandal — began after a controversial $1.3 billion transaction in 2011 involving Shell and Eni, which triggered investigations and legal battles across several countries.
With the dispute now settled, attention shifts to whether the project will finally move forward and deliver the economic benefits Nigeria has been waiting for.
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