President Bola Tinubu has issued a directive for the prompt resolution of the $1.3 billion deepwater OPL 245 oil block dispute in the southern Niger Delta. The order involves collaboration among key figures, including the Attorney-General of the Federation, Lateef Fagbemi (SAN), Minister of State for Petroleum Resources, Heineken Lokpobiri, and various government agencies like the Economic and Financial Crimes Commission, Nigerian Upstream Petroleum Regulatory Commission, and Nigerian National Petroleum Company Limited.
Lokpobiri revealed the directive in Abuja on Wednesday, stating that negotiations are underway among the involved parties to settle the over 28-year crisis and litigations surrounding the valuable oil block within the next month.
The Malabu OPL 245 deal has been a prolonged saga, featuring corruption allegations, fraud, and legal battles. The oil block, acquired by Malabu Oil and Gas in 1998, has seen ownership disputes, license revocations, and subsequent acquisitions by major oil companies Shell and Eni for $1.3 billion in 2011.
The directive aims to conclude the disputes, emphasizing the economic potential of the oil block and the need for resolution after 28 years of legal complexities. The case has involved multiple jurisdictions and international legal battles, with allegations of corruption and bribery. Recent developments include dropped suits, lost claims, and considerations for ending further litigation for potential economic benefits.
As parties negotiate, the focus is on transparently resolving the long-standing issues surrounding the prolific OPL 245 oil block, which holds significance for Nigeria’s economy and its potential to attract investments in the oil and gas sector.