The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has welcomed the resolution of the long-running dispute surrounding Oil Prospecting Licence 245 (OPL 245), describing it as a major step toward strengthening investor confidence in Nigeria’s oil and gas sector.
According to the minister, the settlement clears the way for renewed investment and accelerated development of one of Nigeria’s most valuable offshore oil assets.
Lokpobiri made this known in a statement issued by his Special Adviser on Media and Communications, Nneamaka Okafor.
The agreement resolving the dispute involved the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited.
The minister praised the leadership of Bola Ahmed Tinubu for approving the process that led to the resolution of the protracted legal battle over the oil block.
He noted that settling the OPL 245 dispute demonstrates the administration’s commitment to addressing long-standing issues in the petroleum industry while creating a stable environment that attracts global investors.
“This resolution reflects the determination of the Tinubu administration to resolve legacy challenges in the oil and gas sector and build a predictable regulatory environment that inspires investor confidence,” Lokpobiri said.
The minister, who signed the agreement on behalf of the Federal Government alongside the Attorney-General of the Federation and Minister of Justice, said the constructive engagement among all parties highlighted Nigeria’s dedication to transparency and regulatory stability in the energy sector.
He added that the peaceful settlement sends a strong signal to the global investment community that Nigeria is prepared to resolve complex industry disputes while maintaining an investment-friendly business climate.
Lokpobiri also urged Eni to fast-track plans toward taking a Final Investment Decision (FID) on the project.
“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,” he said.
He explained that an early investment decision would help unlock the full potential of the offshore asset, increase national oil production, and generate economic benefits for both Nigeria and its international partners.
The minister reiterated the Federal Government’s commitment to maintaining a predictable regulatory framework that will support sustainable growth in the oil and gas industry and strengthen Nigeria’s competitiveness in the global energy market.
