Italian energy company Eni received approval from Nigerian authorities to invest about $10.3 billion in deepwater offshore projects.
The investment will mainly focus on the Zabazaba and Etan oil fields in the offshore OPL 245 block. The project includes a floating production storage and offloading unit (FPSO) and related subsea infrastructure.
The facilities are expected to recover nearly 560 million barrels of oil equivalent and produce around 150,000 barrels per day. Eni is aiming for first production in 2029.
Nigerian authorities approved the project after years of regulatory and legal delays linked to OPL 245. Reuters previously reported that the block was at the center of international litigation involving Eni and Shell.
In March, Agence Ecofin reported that Nigeria divided the oil block into four new licenses awarded to Eni and Shell. The move resolved the dispute and allowed investment activity to continue.
The restructuring created two petroleum mining leases, PML 102 and PML 103, and two petroleum prospecting leases, PPL 2011 and PPL 2012. Nigerian Agip Exploration operates all four licenses alongside NNPC Ltd. and Shell.
After the restructuring, Eni repeated its plan to move the project forward while Nigerian authorities continue efforts to improve contract systems and governance standards in the sector.
The approval supports Nigeria’s plan to raise national oil production. The government wants to attract more capital to offshore resources, which face fewer disruptions than onshore sites in the Niger Delta. Officials are targeting output of 1.8 million barrels per day by the end of this year and as much as 3 million barrels per day by 2030.
In December 2025, the government launched a bid round covering 50 oil and gas blocks. Several international companies, including TotalEnergies, ExxonMobil, Shell, and Chevron, showed interest in the offshore assets. NNPC Ltd said these commitments could bring about $24 billion in upstream oil investments.
source: english.news.cn
African Energy Council