Italian energy major Eni has secured Nigerian government approval to commit an estimated $10.3 billion to the development of the offshore OPL 245 block — one of Nigeria’s most controversial and legally embattled oil assets — clearing the way for what could become one of the country’s largest new offshore production hubs within the decade.
The investment primarily targets the Zabazaba and Etan oil fields within OPL 245, located in deepwater offshore Nigeria. Eni expects the project to recover nearly 560 million barrels of oil equivalent and deliver production of approximately 150,000 barrels per day, with first oil targeted by 2029. The development plan includes the installation of a floating production, storage, and offloading (FPSO) vessel and associated subsea infrastructure.
The path to this approval has been long and contentious. OPL 245 had been at the centre of international litigation involving Eni and Shell for years. The impasse was resolved in March 2026 when Nigeria split the block into four new licences — two Petroleum Mining Leases (PML 102 and 103) and two Petroleum Prospecting Leases (PPL 2011 and 2012). Nigerian Agip Exploration now operates all four licences in partnership with NNPC Ltd and Shell.
The approval aligns directly with Nigeria’s upstream growth strategy. The government is targeting output of 1.8 million barrels per day by the end of 2026 and up to 3 million barrels per day by 2030. In December 2025, Nigeria launched a bid round covering 50 oil and gas blocks, attracting declared interest from TotalEnergies, ExxonMobil, Shell, and Chevron, with commitments reportedly representing approximately $24 billion in upstream investment.
Source: orientalnewsng.com