By Peace Udugba -The daily torch media
Nigeria has moved to unlock the long-stalled OPL 245 oilfield by splitting the controversial block into four separate assets to be operated by Eni and Shell.
Reports indicate that the restructuring of the oil block is part of a fresh agreement aimed at ending the long-running deadlock surrounding one of Nigeria’s most valuable and contentious oil assets.
Located about 150 kilometres offshore in the Niger Delta, OPL 245 is considered one of the most lucrative deep-water oilfields in the country.
The new arrangement is expected to pave the way for the long-awaited development of the block, which has remained untapped for nearly three decades due to multiple legal disputes across several countries.
According to sources familiar with the development, final agreements for the deal are expected to begin signing from Monday.
For years, the Nigerian government had signalled its intention to resolve the dispute in order to bring the oilfield into production and unlock its economic value.
OPL 245 was originally awarded in 1998 to Malabu Oil and Gas, a company linked to former Nigerian oil minister Dan Etete. The licence was later acquired by Shell and Eni.
Italian prosecutors had alleged that a large portion of the $1.3 billion paid for the licence was diverted to politicians and middlemen.
However, both energy giants and several of their executives, including Claudio Descalzi, faced trial in Italy but were acquitted in 2021 after denying any wrongdoing.
The latest agreement is now expected to clear the path for the long-delayed development of the oilfield.
