Nigeria has agreed to split the long-contested OPL 245 oilfield into four separate blocks under a new arrangement involving Eni and Shell, Reuters reported. The move is aimed at unlocking development of one of Nigeria’s largest undeveloped deepwater assets after decades of legal and political disputes.
According to Reuters, final agreements for the restructured blocks are expected to be signed soon as Abuja works to bring the field into production. OPL 245, estimated to hold significant offshore reserves, has remained dormant for nearly 30 years amid protracted litigation spanning multiple jurisdictions.
The block was originally awarded in 1998 to Malabu Oil and Gas and later acquired by Eni and Shell in a $1.3 billion deal that became the subject of high-profile corruption allegations. Italian prosecutors had alleged that a substantial portion of the payment was diverted to politicians and intermediaries, though executives from both companies were acquitted in 2021, MarketScreener noted.
The planned division of OPL 245 signals a renewed effort by Nigeria to resolve longstanding disputes and accelerate development of strategic offshore oil resources.
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