Eni has confirmed an agreement with Nigeria to restructure the long‑disputed OPL 245, splitting it into four separate licenses. The move clears the way for the development of one of Nigeria’s largest deepwater oil and gas assets, according to CNBC Africa.
Under the agreement, the existing OPL 245 will be converted into two development licences, PML 102 and PML 103 and two exploration licences, PPL 2011 and PPL 2012. Operations will be led by Nigerian Agip Exploration Limited in partnership with NNPC Limited and Shell, according to a press release on the agreement signed in Abuja.
The restructuring follows the resolution of long-standing legal disputes and the discontinuation of arbitration proceedings at the International Centre for Settlement of Investment Disputes. It paves the way for development of the Zabazaba and Etan deepwater fields, which together are estimated to hold substantial oil and associated gas reserves.
President Bola Ahmed Tinubu described the agreement as a strategic milestone that resolves a controversy spanning more than 15 years, restores clarity to a commercially valuable asset, and strengthens investor confidence in Nigeria’s upstream sector. Final contracts for the restructured licenses are expected to be signed shortly, enabling the nation to unlock deepwater production and long-term energy investment, Premium Times Nigeria noted.
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