The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has welcomed the resolution of the prolonged dispute over Oil Prospecting Licence 245, describing the development as a major boost to investor confidence in the country’s oil and gas sector. Lokpobiri said the settlement would pave the way for renewed investment and accelerated development of one of the country’s strategic offshore assets. He commended the leadership of President Bola Tinubu for approving the process that led to the resolution of the protracted dispute. “This resolution reflects the commitment of the administration of President Bola Ahmed Tinubu to addressing long-standing legacy issues in the oil and gas sector and creating a stable and predictable environment that inspires investor confidence,” he said. He noted that the peaceful resolution of the dispute sent a positive signal to global investors about Nigeria’s readiness to address legacy issues while sustaining an investment-friendly environment.

Source: Punch March 06, 2026 23:59 UTC