The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has stated that the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245 is expected to contribute positively to Nigeria’s economic growth.
The settlement follows the announcement by Bola Ahmed Tinubu regarding the successful resolution of the dispute involving the Federal Government of Nigeria and international oil companies operating the oil block.
The agreement brought to an end a dispute that had lasted for more than 15 years and had affected the development of one of Nigeria’s most significant deep-water oil assets.
OPL 245 is considered one of the country’s most commercially promising oil blocks, and the prolonged legal and ownership disputes had delayed its development for years.
Speaking on the development, Fagbemi said the resolution of the dispute would have significant economic implications for Nigeria.
According to him, the settlement clears legal uncertainties surrounding the oil block and creates the opportunity for large-scale investment in the sector.
He explained that the agreement is expected to support economic planning and strengthen government revenue projections, while also contributing to debt sustainability through anticipated income from the project.
With the dispute resolved, the pathway has been opened for a final investment decision on the Zabazaba–Etan deep-water oil project connected to the block.
The project is projected to add about 150,000 barrels of oil per day to Nigeria’s production capacity once fully operational.
Officials say the development is expected to strengthen Nigeria’s position in the global energy market and boost the country’s upstream petroleum sector.
The Federal Government also indicated that the settlement reflects broader reforms aimed at improving governance and transparency in Nigeria’s oil and gas industry.
Authorities say resolving legacy disputes such as the OPL 245 case is part of efforts to restore investor confidence and encourage long-term capital investment in the sector.
