The Federal Government has split the controversial OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially paving the way for development of the long-disputed field.
According to Reuters, a source familiar with the matter disclosed that the restructuring could finally settle the future of the asset at the centre of one of the oil industry’s largest historic corruption trials.
The move signals a renewed push by authorities to unlock production from one of Nigeria’s most valuable deepwater reserves after decades of legal and regulatory uncertainty.
The agreement is expected to clear the path for the development of OPL 245, which has remained untapped for nearly 30 years due to overlapping lawsuits across multiple jurisdictions.
The decision to divide the block is seen as a practical resolution to a long-running dispute that has stalled investment and production. The source indicated that the restructuring aligns with the government’s long-stated objective of bringing the asset into production.
The Federal Government has broken OPL 245 into four separate assets for operation by Eni and Shell.
The agreement is expected to allow long-delayed development of one of Nigeria’s largest deepwater reserves.
Final contracts could be signed starting Monday, according to a source cited by Reuters.
The development suggests that authorities are prioritising commercial resolution and production over prolonged litigation.
OPL 245 has been at the centre of legal and political controversy for decades, drawing global attention due to allegations of corruption linked to its acquisition.
The oil block was initially awarded in 1998 to Malabu Oil and Gas, a company linked to former Nigerian oil minister Dan Etete, before it was later sold to Shell and Eni.
Italian prosecutors alleged that most of the $1.3 billion paid for the licence was diverted to politicians and intermediaries.
Eni, Shell, and several executives, including Eni CEO Claudio Descalzi, stood trial in Italy.
All defendants were acquitted in 2021 after denying any wrongdoing.
The block has remained undeveloped amid multiple lawsuits in different countries.
The prolonged disputes significantly delayed exploration and production activities on the asset, despite its substantial deepwater potential.
