The Nigerian oil and gas sector is experiencing significant shifts with the Federal Government’s decision to split the controversial OPL 245 oil block into four new assets, to be operated by Eni and Shell. This move is anticipated to pave the way for the development of the long-disputed field, signalling a renewed effort by authorities to unlock production from one of Nigeria’s most valuable deepwater reserves after nearly three decades of legal and regulatory challenges.

The agreement to divide OPL 245 is expected to resolve a protracted dispute that has hampered investment and production. The decision to compartmentalize the block is viewed as a pragmatic solution to a persistent conflict that has stalled progress. This development suggests a prioritisation of commercial resolutions and production by the authorities over protracted legal battles. OPL 245 has been a focal point of legal and political controversy for decades, attracting international scrutiny due to allegations of corruption surrounding its acquisition. These prolonged disputes significantly delayed exploration and production activities despite the asset's substantial deepwater potential.

In parallel, a Federal High Court in Lagos has restored the operational status quo for Green Energy International Limited and Lekoil Oil and Gas Investments Limited. The indigenous oil and gas firms confirmed in a joint press statement that the court ordered parties to maintain the position prior to the appointment of an Interim Administrator, pending the determination of pending applications. The court has also suspended the Interim Administrator from further activities and lifted all Mareva orders that had affected the companies’ bank accounts. The matter has been adjourned to 22 April 2026, with management authority remaining with the duly constituted leadership of the companies.

Consequently, all prior freezing restrictions have been lifted, and operations are set to continue in the ordinary course without interruption. Green Energy International Limited and Lekoil Oil and Gas Investments Limited will persist with their jurisdictional challenge and arbitration proceedings in accordance with their governing agreements. Operations at Otakikpo (PML 11) are continuing uninterrupted and in full compliance with applicable regulatory and contractual requirements.