Group Chief Executive Officer, NNPC Ltd, Bashir Bayo Ojulari
Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, has described the resolution of the long-running OPL 245 dispute as a major milestone for Nigeria’s energy sector and a step forward in unlocking the country’s deepwater oil potential.
In a statement issued on March 5, Ojulari said the breakthrough in the dispute involving the Federal Government, Eni, and Nigerian Agip Exploration Limited marks an important moment for the nation and the state-owned energy company.
According to him, the development represents renewed progress in the responsible management and development of Nigeria’s strategic energy assets.
“5th March 2026 marks a pivotal day for our nation and for all of us at NNPC Limited, as we continue to advance the responsible development of our country’s strategic energy resources,” Ojulari said.
He noted that the administration of Bola Ahmed Tinubu entrusted NNPC Limited with supporting efforts to resolve the long-standing dispute surrounding Oil Prospecting Licence (OPL) 245.
“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 added.
Ojulari explained that the resolution clears the path for the development of one of Nigeria’s most strategic deepwater oil assets — the Zabazaba–Etan project.
The NNPC chief said the project, once fully developed, has the potential to significantly boost Nigeria’s crude oil output.
“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,” he stated.
Industry analysts say the Zabazaba–Etan deepwater project is considered one of the most promising untapped offshore assets in Nigeria’s oil sector and could play a vital role in increasing the country’s production capacity.
Ojulari emphasised that the progress made in resolving the dispute reflects the value of sustained collaboration among stakeholders in the energy industry.
“This milestone underscores what can be achieved through collaboration, perseverance, and a shared commitment to unlocking Nigeria’s vast energy potential for the benefit of our nation,” he said.
The OPL 245 dispute had lingered for years and involved multiple legal and regulatory challenges. The recent resolution is expected to accelerate investment and development activities in the block, further strengthening Nigeria’s position in the global energy market.
