President Bola Ahmed Tinubu has received Claudio Descalzi at the Presidential Villa in Abuja.
The meeting comes days after the Federal Government restructured the controversial OPL 245 oil block.
Officials said the block has been split into four new assets for development.
The assets will be operated by Eni and Shell.
The OPL 245 block remained undeveloped for nearly three decades.
Several lawsuits and investigations surrounded the oil asset across multiple countries.
These disputes involved legal proceedings in Nigeria, Italy, and other jurisdictions.
However, the new agreement is expected to resolve the long-standing dispute.
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Officials say the Nigerian government will soon make a formal announcement.
The development of the block could significantly increase Nigeria’s crude oil output.
Analysts say the project may also attract new investments into Nigeria’s deepwater oil sector.
Additionally, the move aligns with government plans to expand oil production and boost national revenues.
Industry observers note that OPL 245 is one of Nigeria’s largest untapped deepwater reserves.
Once operational, the project could strengthen Nigeria’s position in global energy markets.
