Eni Secures Approval for $10.3 Billion Nigerian Offshore Oil Project

Italian energy company Eni has received approval from Nigerian authorities to move ahead with a major offshore investment estimated at $10.3 billion. This moves one of the country’s longest-delayed oil projects closer to development

The investment will focus on the Zabazaba and Etan oil fields in the deepwater OPL 245 block. Plans include installing a floating production storage and offloading unit (FPSO) and supporting subsea infrastructure.

Once operational, the project is expected to recover close to 560 million barrels of oil equivalent. It could produce around 150,000 barrels per day. First oil is targeted for 2029.

The approval follows years of legal and regulatory uncertainty tied to OPL 245. The block became one of Nigeria’s most controversial assets. It was at the centre of a long-running dispute involving Eni and Shell. That dispute led to multiple international court cases and delayed progress.

The situation began to change earlier this year. Nigerian authorities restructured the block and split OPL 245 into four licenses. These were awarded to Eni and Shell. The move helped resolve the dispute and allowed development to restart.

Under the new structure, the block is now divided into two Petroleum Mining Leases (PML 102 and 103) and two Petroleum Prospecting Leases (PPL 2011 and 2012). Nigerian Agip Exploration will operate the licenses in partnership with NNPC Ltd and Shell.

With the legal hurdles largely resolved, Eni has indicated it will move the project forward more quickly. At the same time, Nigerian authorities are working to strengthen contracts and improve governance across the oil sector.

Push to Boost National Oil Output

The project also fits into Nigeria’s broader plan to increase crude oil production. The government is focusing on offshore fields, which face fewer disruptions than onshore operations in the Niger Delta.

Authorities are targeting output of 1.8 million barrels per day in the near term. They aim to reach up to 3 million barrels per day by 2030.

As part of this strategy, Nigeria launched a bid round in December 2025 covering 50 oil and gas blocks. The process has attracted interest from major international companies, including TotalEnergies, ExxonMobil, Shell, and Chevron. According to NNPC Ltd, these commitments could translate into around $24 billion in upstream oil investments.