In a move to end decades of legal deadlock, the Federal Government of Nigeria has officially restructured the infamous OPL 245 oilfield, splitting it into four separate assets. Sources familiar with the matter say this decision, which could see final contracts signed as early as today, Monday, 02 March 2026, is designed to finally unlock production from one of Africa’s most valuable deepwater reserves.
The restructuring marks a definitive pivot by the Tinubu administration to prioritize commercial production over the prolonged international litigation that has stalled the asset for nearly 30 years.
The massive oil block, once the center of a $1.3 billion corruption trial, will now be operated as four distinct blocks by energy giants Eni and Shell.
Practical Resolution: The split is seen as a strategic compromise to bypass the “legal baggage” of the original single-license structure.
Production Focus: By breaking the field into four, the government aims to accelerate exploration and tap into the estimated 9 billion barrels of oil equivalent held within the reserve.
Operator Roles: Eni and Shell, who were both acquitted of corruption charges in an Italian court in 2021, are expected to lead the technical development of these new blocks.
The journey of OPL 245 is a 30-year saga of politics, power, and petroleum:
1998: The block was awarded to Malabu Oil and Gas, linked to former Petroleum Minister Dan Etete.
2011: Shell and Eni paid $1.3 billion for the license, with over $800 million allegedly diverted to middlemen and politicians.
2018–2021: A landmark trial in Milan saw Eni and Shell executives acquitted, though civil suits continued in Nigeria and the UK.
2025: The Abuja Court of Appeal dismissed Malabu Oil and Gas’s final claims, clearing the path for the current restructuring.
March 2, 2026: The Federal Government officially “unbundles” the asset to kickstart production.
The OPL 245 Restructuring
| Metric | Detail |
| New Asset Count | 4 Separate Blocks |
| Primary Operators | Eni and Shell |
| Estimated Reserves | 9 Billion Barrels (Potential) |
| Years Untapped | 28 Years |
| Strategic Goal | To increase Nigeria’s daily oil production by over 200,000 bpd. |
The Oando Factor
The landscape of OPL 245 has also been reshaped by Oando PLC’s $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Eni in August 2024. As a major local player with deep ties to these assets, Oando’s involvement is expected to bring a “local content” boost to the development of the newly split blocks.
