Odujinrin & Adefulu advised NUPRC on Landmark OPL 245 Concession

Odujinrin & Adefulu is pleased to announce its role as counsel to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the technical and regulatory authority for Nigeria’s upstream petroleum sector, in relation to the landmark OPL 245 concession.

The conclusion of this historic settlement agreement following more than 15 years of disputes involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited paves the way for the development of one of Nigeria’s most significant deepwater resources.

The settlement culminated in the conversion of the OPL 245 field into two Petroleum Mining Leases and two Petroleum Prospecting Licenses under the PIA and is expected to facilitate a development that could add approximately 150,000 barrels per day to Nigeria’s production capacity.

We are honoured to have been entrusted by our client with advisory responsibility on a transaction of this scale and national significance.

The team was led by the Managing Partner, Dr Adeoye Adefulu, Senior Associate, Lateef Bamidele with support from Associates Timothy Atasie, Tawakalt Oseni, and Morenikeji Oyeleke.