The Federal Government has split the long-disputed OPL 245 oil block into four new assets to be operated by Eni and Shell.
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.
