the Nigerian government has approved a massive $10.3-billion investment led by Italian energy giant Eni to develop two long-stalled deepwater projects in the Niger Delta.This approval is seen as a major breakthrough for the industry, ending years of legal and regulatory deadlock surrounding the OPL 245 license area, according to the African Energy Council .
The development focuses on the Zabazaba (PML 103) and Etan (PML 102) deepwater fields located at a depth of roughly 1,900 meters.
Combined Value of $10.3 billion ($7.3 billion for Zabazaba, $3 billion for Etan).The project aims to produce approximately 150,000 barrels per day.Total Reserves Estimated to recover nearly 560 million barrels of oil equivalent.First oil and gas production is targeted for 2029.Infrastructure Development includes a 150,000-bopd FPSO (Floating Production Storage and Offloading unit) along with subsea infrastructure.Contextual FactorsOPL 245 Settlement: The approval followed a March 2026 settlement between Eni and the Nigerian government concerning past arbitration cases, allowing the block to be split into new licences.This move aligns with Nigeria’s aim to increase national production to 3 million barrels per day by 2030, notes the Ecofin Agency.
Note by Alessandro Bazzoni