LAGOS, Mar 2 – Nigeria has divided the OPL 245 oil block into four separate assets to be operated by Eni and Shell, according to a source cited by Reuters. The move sets the stage for the long delayed development of one of the country’s largest deepwater oil reserves.
The agreement is expected to unlock production from the field, which has remained idle for nearly 30 years due to legal disputes across multiple countries. As a result, authorities have moved to restructure ownership and operations to move the project forward.
Final contracts are scheduled to be signed starting Monday, the source said. The Nigerian government has for years signalled its intention to resolve the issues surrounding the block and bring it into production.
OPL 245 was first awarded in 1998 to Malabu Oil and Gas, a company linked to former oil minister Dan Etete. The licence was later sold to Eni and Shell in a deal valued at $1.3 billion.
However, the transaction became the subject of a major corruption case in Italy as prosecutors alleged that most of the funds were diverted to politicians and intermediaries.
Eni, Shell, and several executives, including Eni CEO Claudio Descalzi, were tried in court but were acquitted in 2021 after denying wrongdoing. The ruling removed a key legal barrier tied to the asset.
Now, the restructuring creates a clearer framework for development under the two companies. Both Eni and Shell declined to comment as well as the Nigeria’s state oil firm, Nigerian National Petroleum Company who is yet to issue an official statement on the agreement.