OPL 245 Oil Block Split into Four Assets for Eni and Shell Operations

Nigeria has split the OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially settling the future of the field after nearly three decades of legal disputes. The block, initially awarded in 1998 to Malabu Oil and Gas, a company linked to former oil minister Dan Etete, was later sold to Shell and Eni for $1.3 billion. Italian prosecutors alleged that most of the purchase price was diverted to politicians and intermediaries.

The agreement is expected to clear the way for the development of OPL 245, one of Nigeria's largest deepwater reserves, with estimated recoverable reserves of around 9 billion barrels. The final contracts are expected to be signed soon, allowing long-delayed operations to proceed.

Former Attorney-General of the Federation, Mohammed Adoke, has welcomed the resolution, demanding an apology from the government for his persecution and humiliation over his role in the dispute.