Nigerian President Bola Ahmed Tinubu held talks in Abuja with Claudio Descalzi, Chief Executive Officer of Eni, focusing on the company’s operations in the country and potential initiatives to advance Nigeria’s deep offshore sector. A key subject of the discussions was the agreement between the Federal Government of Nigeria and Eni concerning the conversion of Oil Prospecting Licence 245 (OPL 245). The agreement addresses and settles all claims connected to the OPL 245 oil block, while also bringing an end to the international arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID). As part of the arrangement, the existing license tied to the OPL 245 oil block will be converted into two development licenses Petroleum Mining Leases (PML) 102 and 103 along with two exploration licenses, Petroleum Prospecting Leases (PPL) 2011 and 2012. These licenses will be operated by Nigerian Agip Exploration Limited (NAE) together with partners Nigerian National Petroleum Company Limited (NNPC) and Shell Nigeria Exploration and Production Company Limited (SNEPCO).
The agreement linked to the OPL 245 oil block is expected to reinforce Eni’s collaboration with Nigeria while supporting the development of hydrocarbon resources located in deep offshore areas. With the conversion to PML 102 and PML 103 now formalized, recently signed Project Agreements will facilitate the development of the Zabazaba and Etan fields. Eni plans to apply its expertise in fast-track project development to move these projects forward. The Etan-Zabazaba project is based on reserves estimated at approximately 500 MMbbl and will rely on a floating production system with a capacity of 150 kbopd through an FPSO processing facility.
In addition to the development licenses, the exploration areas PPL 2011 and PPL 2012 linked to the OPL 245 oil block have been identified as holding significant potential and may be developed in synergy with future Zabazaba-Etan infrastructure.
During the meeting, President Tinubu and Claudio Descalzi also reviewed Eni’s broader investment portfolio in Nigeria, including operations connected to the Abo and Bonga fields and its involvement in Nigeria LNG. They also discussed potential projects aimed at increasing offshore production capacity. In line with its strategy in the country, Eni has recently strengthened its position in deep-water developments through the acquisition of an additional stake in OML 118, bringing its total interest to 15%.
