Uche Cecil Izuora
The Italian multinational Eni has scheduled to recover nearly 560 million barrels of oil equivalent and to deliver production of about 150,000 barrels per day, from its OPL 245 block as it targets first production by 2029.
The firm had secured approval from Government to commit an estimated $10.3 billion to deepwater offshore projects. Upstream Online reported the development on Tuesday, April 21.
The investment primarily targets the Zabazaba and Etan oil fields on the offshore OPL 245 block. The project includes the installation of a floating production storage and offloading unit (FPSO) and associated subsea infrastructure.
The company expects these facilities to recover nearly 560 million barrels of oil equivalent and to deliver production of about 150,000 barrels per day, according to data cited by Offshore Technology. The company targets first production by 2029.
The Federal Government granted approval after years of regulatory and legal delays surrounding OPL 245. The license triggered international litigation involving Eni and Shell, as reported by Reuters.
In March, Agence Ecofin reported that Nigeria split the oil block into four new licenses awarded to Eni and Shell. This decision ended the dispute and enabled investment to resume.
The restructuring divided OPL 245 into two Petroleum Mining Leases (PML 102 and 103) and two Petroleum Prospecting Leases (PPL 2011 and 2012). Nigerian Agip Exploration operates all licenses in partnership with NNPC Ltd and Shell.
Following this shift, Eni reiterated its intention to accelerate the project while Nigerian authorities work to strengthen contractual frameworks and governance standards in the sector.
The approval aligns with Nigeria’s strategy to increase national oil production. The Government seeks to mobilize capital to develop offshore resources, which face fewer disruptions than onshore sites in the Niger Delta. Authorities target output of 1.8 million barrels per day by the end of this year and up to 3 million barrels per day by 2030.
In December 2025, Nigeria launched a bid round covering 50 oil and gas blocks. Several international companies confirmed interest in these offshore assets, including TotalEnergies, ExxonMobil, Shell, and Chevron.
According to NNPC Ltd, these commitments represent around $24 billion in upstream oil investments