Finance
Exclusive-Nigeria splits OPL 245 oilfield into four blocks under deal with Eni, Shell, source says
Published by Global Banking & Finance Review®
Posted on March 2, 2026
2 min readLast updated: March 2, 2026
Quick Summary
Nigeria has agreed to split the long-stalled OPL 245 deepwater block into four new assets under a deal with Eni and Shell, paving the way to resolve decades of legal disputes and finally develop the field, with final contracts expected from March 2, 2026. ([en.wikipedia.org](en.wikipedia.org
Nigeria Splits OPL 245 Oilfield Into Four New Blocks in Deal With Eni, Shell
Overview and Background of the OPL 245 Oil Block Deal
By Isaac Anyaogu
Breakup of OPL 245 and New Operators
LAGOS, March 2 (Reuters) - Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, a source told Reuters, potentially settling the future of the field at the centre of one of the oil industry's biggest historic corruption trials.
Development Prospects and Legal Resolution
The agreement clears the way for the development of OPL 245, one of Nigeria's biggest deepwater reserves that has remained untapped for almost three decades amid overlapping lawsuits in multiple countries.
Contract Signing and Government Intentions
The final contracts are expected to be signed starting Monday, said the source familiar with the situation. Nigeria's government had signalled for years that it was keen to find a solution that would bring the block into production. The source wished to remain anonymous as they are not authorised to comment on government policy before an official announcement.
History of OPL 245 Ownership and Legal Challenges
Initially awarded in 1998 to Malabu, a company linked to former Nigerian oil minister Dan Etete, the licence was later sold to Shell and Eni.
Corruption Allegations and Court Proceedings
Italian prosecutors then alleged that most of the $1.3 billion purchase price for the licence for OPL 245 was siphoned off to politicians and middlemen. The two European energy giants and some of their former and current executives, including Eni CEO Claudio Descalzi, faced trial in Italy but all were acquitted in 2021, having denied all wrongdoing.
Company Responses
Eni and Shell declined to comment. Shell and Nigeria's state-owned oil company NNPC had no immediate comment.
(Reporting by Isaac Anyaogu, editing by Andrei Khalip)
Key Takeaways
- •The breakup of OPL 245 into four blocks marks the end of nearly three decades of litigation and political controversy surrounding the field’s ownership and development. (en.wikipedia.org)
- •Shell and Eni, previously embroiled in international bribery trials and civil claims, were acquitted in Italy in 2021 and saw Nigeria’s $1.1 billion compensation claim dismissed by an appeals court in Milan in November 2023. (hartenergy.com)
- •In 2025, Nigeria’s Court of Appeal also dismissed Malabu Oil’s $1.3 billion suit opposing the 2011 settlement, further clearing the path for new development agreements among the government, Shell, and Eni. (nairametrics.com)
References
Frequently Asked Questions about Exclusive-Nigeria splits OPL 245 oilfield into four blocks under deal with Eni, Shell, source says
1What is the significance of Nigeria splitting the OPL 245 oilfield?
Splitting the OPL 245 oilfield into four blocks resolves ongoing legal disputes and enables Eni and Shell to begin developing one of Nigeria's largest untapped deepwater reserves.
2Who will operate the new oilfield blocks resulting from the OPL 245 split?
According to the deal, the new oilfield blocks will be operated by Eni and Shell.
3What legal issues previously surrounded the OPL 245 oilfield?
The OPL 245 oilfield was central to high-profile corruption trials; Italian prosecutors alleged misappropriation of funds from its sale, but Eni, Shell and relevant executives were acquitted.
4When are the final contracts for the OPL 245 oilfield split expected to be signed?
Final contracts regarding the split of OPL 245 are expected to be signed starting Monday, according to sources.
5Why has the OPL 245 field remained untapped for so long?
The OPL 245 field has remained undeveloped for almost three decades due to overlapping lawsuits and legal disputes in multiple countries.
