Bayo Ojulari, group chief executive officer (GCEO), the Nigerian National Petroleum Company (NNPC) Limited, says the oil prospecting lease (OPL) 245 dispute settlement clears the path for the development of the Zabazaba–Etan project, a deepwater asset.
In a statement on Friday, Ojulari said progressing this development could add about 150,000 barrels per day (bpd) to Nigeria’s oil production.
On March 5, the presidency announced the successful conclusion of a settlement agreement between the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL).
The agreement, the presidency said, brought to a close, the long-standing dispute over OPL 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.
Reacting to the announcement, Ojulari said the day marks a pivotal moment for the nation and for NNPC, “as we continue to advance the responsible development of our country’s strategic energy resources”.
“We are honoured that President Bola Ahmed Tinubu GCFR entrusted NNPC Limited with the responsibility of supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” he said.
“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project.
“Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, representing a significant step toward strengthening our national energy security and economic resilience.”
Ojulari added that the milestone highlights what can be achieved through collaboration, perseverance, and a collective commitment to harnessing Nigeria’s vast energy potential for the benefit of the country.
