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Naija News • 8h ago

Ojulari: OPL 245 Deal May Unlock 150,000bpd For Oil Output

Ojulari: OPL 245 Deal May Unlock 150,000bpd For Oil Output
**Naija News: OPL 245 Deal Set to Unlock 150,000bpd for Nigeria's Oil Output** In a major breakthrough, the Nigerian National Petroleum Company Limited (NNPCL) has announced that the resolution of the long-standing dispute over oil prospecting lease (OPL) 245 will pave the way for the development of the Zabazaba-Etan deepwater project. According to Bayo Ojulari, the Group Chief Executive Officer of NNPCL, this development could increase Nigeria's crude oil output by a whopping 150,000 barrels per day (bpd). This positive development comes on the heels of the successful conclusion of a settlement agreement between the Federal Government, Eni, and Nigerian Agip Exploration Limited (NAEL), as announced by the Presidency on March 5. The agreement brings an end to the protracted dispute over OPL 245, clearing the path for the development of one of Nigeria's most strategic deepwater assets. Ojulari expressed his gratitude to President Bola Ahmed Tinubu for entrusting NNPCL with the responsibility of supporting the resolution of the OPL 245 dispute. He noted that the resolution is a major milestone for the country and NNPCL, as efforts continue to promote the responsible development of Nigeria's strategic energy assets. The Zabazaba-Etan project has the potential to add significantly to Nigeria's oil production, boosting the country's national energy security and economic resilience. With this development, Nigeria can look forward to increased revenue from oil exports, which can be channeled towards improving the country's infrastructure, education, and healthcare sectors. Ojulari's statement highlights the importance of collaboration, persistence, and shared determination in unlocking Nigeria's vast energy resources for the country's benefit. The successful resolution of the OPL 245 dispute is a testament to the value of working together towards a common goal, and we can expect to see more positive developments in the oil and gas sector in the coming months.
Source: Original Article • AI-enhanced version for clarity & Nigerian context