Nigeria offshore oil investment by Eni gets $10.3B approval for Zabazaba and Etan deepwater fields development. The post Nigeria offshore oil investment securesNigeria offshore oil investment by Eni gets $10.3B approval for Zabazaba and Etan deepwater fields development. The post Nigeria offshore oil investment secures

Nigeria offshore oil investment secures $10.3B approval

2026/04/24 11:00
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Eni advances Nigeria offshore oil development amid ongoing OPL 245 restructuring.

Eni is advancing Nigeria offshore oil development following the restructuring of the deepwater OPL 245 block. The Zabazaba and Etan fields are associated with OPL 245, though development has been historically stalled and no recent approval or verified reserves figures are confirmed.

The project would use a floating production storage and offloading unit and subsea systems, though specific production targets and first oil dates remain unverified.

Resolves Long-Standing OPL 245 Dispute

Legal battles stalled OPL 245 for years. Eni and Shell clashed over the block. This led to court cases across borders. Nigerian authorities approved restructuring in 2021, carving out PML 102 and PML 103 from OPL 245, with the remainder as PPL 245 or similar.

The restructure ended the dispute. Nigerian Agip Exploration now leads. Partners are NNPC Ltd and Shell. Eni moves fast now that hurdles clear. Meanwhile, Nigeria strengthens oil contracts. It also boosts sector governance.

Fits Nigeria’s Offshore Push

Nigeria eyes higher crude output. Offshore fields dodge Niger Delta issues. The government targets 1.7 million barrels per day by 2027, with aspirational goals of 3 million by 2030 per some statements.

Nigeria held a 2024 licensing round covering 7 oil and 2 gas blocks, though no verified 2025 round with expanded details has been confirmed. NNPC Ltd anticipates significant upstream investment from licensing activities.

This Nigeria offshore oil development aligns with that drive. Offshore platforms like Erha prove value. Erha has generated significant revenue including billions in production value, though exact royalty and tax figures are unverifiable.

Investors now eye steady returns. Eni’s project cuts risks from past disputes. Nigeria’s licensing rounds draw majors. As a result, upstream cash flows grow. Offshore focus shields from onshore woes. Moreover, governance fixes build trust.

For investors, this signals opportunity. Eni’s offshore development could add future supply. Nigeria’s 2030 goal pulls in billions more. Partners like NNPC Ltd share upside. However, watch contract strength. This Nigeria offshore oil development sets a model for deepwater deals.

The post Nigeria offshore oil investment secures $10.3B approval appeared first on FurtherAfrica.

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