The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has welcomed the resolution of the prolonged dispute over Oil Prospecting Licence 245, describing the development as a major boost to investor confidence in the country’s oil and gas sector. Lokpobiri said the settlement would pave the way for renewed investment and accelerated development of one of the country’s strategic offshore assets. In a statement on Friday by his Special Adviser on Media and Communications, Nneamaka Okafor, the minister said the dispute was resolved through a settlement agreement involving the Federal Government, Eni and Nigerian Agip Exploration Limited. He commended the leadership of President Bola Tinubu for approving the process that led to the resolution of the protracted dispute. “This resolution reflects the commitment of the administration of President Bola Ahmed Tinubu to addressing long-standing legacy issues in the oil and gas sector and creating a stable and predictable environment that inspires investor confidence,” he said. The minister, who signed the agreements on behalf of the country alongside the Attorney-General of the Federation and Minister of Justice, said the constructive engagement among all parties demonstrated Nigeria’s commitment to transparency and regulatory stability in the petroleum sector. He noted that the peaceful resolution of the dispute sent a positive signal to global investors about Nigeria’s readiness to address legacy issues while sustaining an investment-friendly environment. “This settlement sends a strong message to the global investment community that Nigeria is prepared to resolve legacy issues transparently while sustaining an investment-friendly environment for long-term capital,” he added. Lokpobiri said the resolution presented an opportunity for the country and its partners to unlock the full potential of the asset and boost national oil production. He therefore urged Eni to accelerate the process toward taking a Final Investment Decision on the project. “With this matter now amicably resolved, I encourage Eni to move toward taking a Final Investment Decision within the shortest possible time, preferably before the end of the year,” the minister said. He added that taking the decision promptly would enable both Nigeria and its investors to maximise the economic and production benefits of the asset. Lokpobiri also reiterated the Federal Government’s commitment to maintaining a predictable and investment-friendly regulatory environment to support sustainable growth in the sector and strengthen Nigeria’s position in the global energy market.