Nigeria Breaks Up OPL 245 into Four Blocks Under New Eni, Shell Deal

Nigeria has split the long-disputed OPL 245 oilfield into four separate blocks under a new arrangement involving Eni and Shell, according to a source familiar with the matter.

The move could finally unlock development of one of Nigeria’s largest deepwater oil reserves, a field that has remained idle for nearly 30 years due to legal disputes and regulatory uncertainty across several countries.

The source said final agreements were expected to begin being signed from Monday. The person spoke on condition of anonymity because they were not authorised to discuss the matter publicly ahead of any official announcement.

For years, the Nigerian government has pushed for a resolution that would allow the block to move into production, seeing OPL 245 as a key stranded asset with major revenue potential.

Originally awarded in 1998 to Malabu Oil and Gas, a company linked to former petroleum minister Dan Etete, the licence later became the subject of a controversial sale to Shell and Eni.

That transaction triggered one of the oil industry’s most prominent corruption cases. Italian prosecutors alleged that much of the $1.3 billion paid for the block was diverted to politicians and intermediaries. Shell, Eni and several current and former executives, including Eni CEO Claudio Descalzi, were tried in Italy but acquitted in 2021 after denying wrongdoing.

Under the latest arrangement, OPL 245 has now been restructured into four assets to be operated by Shell and Eni, potentially ending years of uncertainty over the future of the block.

Eni and Shell declined to comment on the development, while NNPC had not issued an immediate response.