Government Official Welcomes Settlement of Long-Standing OPL 245 Controversy

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The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has welcomed the resolution of the prolonged dispute over Oil Prospecting Licence 245, describing the development as a major boost to investor confidence in the country’s oil and gas sector.

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Lokpobiri said the settlement would pave the way for renewed investment and accelerated development of one of the country’s strategic offshore assets.

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In a statement on Friday by his Special Adviser on Media and Communications, Nneamaka Okafor, the minister said the dispute was resolved through a settlement agreement involving the Federal Government, Eni and Nigerian Agip Exploration Limited.

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He commended the leadership of President Bola Tinubu for approving the process that led to the resolution of the protracted dispute.

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“This resolution reflects the commitment of the administration of President Bola Ahmed Tinubu to addressing long-standing legacy issues in the oil and gas sector and creating a stable and predictable environment that inspires investor confidence,” he said.

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The minister, who signed the agreements on behalf of the country alongside the Attorney-General of the Federation and Minister of Justice, said the constructive engagement among all parties demonstrated Nigeria’s commitment to transparency and regulatory stability in the petroleum sector.

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He noted that the peaceful resolution of the dispute sent a positive signal to global investors about Nigeria’s readiness to address legacy issues while sustaining an investment-friendly environment.

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“This settlement sends a strong message to the global investment community that Nigeria is prepared to resolve legacy issues transparently while sustaining an investment-friendly environment for long-term capital,” he added.

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Lokpobiri said the resolution presented an opportunity for the country and its partners to unlock the full potential of the asset and boost national oil production.

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He therefore urged Eni to accelerate the process toward taking a Final Investment Decision on the project.

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“With this matter now amicably resolved, I encourage Eni to move toward taking a Final Investment Decision within the shortest possible time, preferably before the end of the year,” the minister said.

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He added that taking the decision promptly would enable both Nigeria and its investors to maximise the economic and production benefits of the asset.

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Lokpobiri also reiterated the Federal Government’s commitment to maintaining a predictable and investment-friendly regulatory environment to support sustainable growth in the sector and strengthen Nigeria’s position in the global energy market.

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