OPL 245: Policy Group Hails Tinubu for Ending 28-Year-Long Oil Well Controversy

OPL 245: Policy Group Hails Tinubu for Ending 28-Year-Long Oil Well Controversy

  • President Bola Tinubu has been credited for striking peace in the Oil Prospecting Licence OPL 245 dispute
  • The Independent Media and Policy Initiative (IMPI) said President Tinubu's decision marks a promising move towards addressing the intricate relationship between government and corporations
  • It was gathered that the dispute had lasted almost three decades, and President Tinubu's diplomatic influence helped resolve it

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

FCT, Abuja - The Independent Media and Policy Initiative (IMPI) praised President Bola Tinubu's recent decision regarding the prolonged dispute over the contentious Oil Prospecting Licence OPL 245.

The organisation, represented by its Chairman, Niyi Akinsiju, stated in a release in Abuja that the President's action signifies a positive step in resolving government-corporate complexities.

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President Bola Tinubu has been hailed for influencing the resolution of for the OPL 245 oil well dispute
President Tinubu has once again been hailed for putting his diplomatic skills to the test to end a dispute of almost three decades. Photo Credit: NESG
Source: Twitter

IMPI emphasised that Tinubu's move was driven by the national interest and the potential economic gains from developing the oil block.

The policy group highlighted the significant value of OPL 245, estimated at 9 billion barrels of crude, which Nigeria has been unable to exploit or profit from since its controversial sale to Malabu Oil and Gas in 1998.

Why peace deal remains essential - IMPI

The group strongly emphasised that pursuing a negotiated settlement remains the most favourable choice for the country, especially in light of the significant losses incurred from legal disputes globally.

The IMPI said:

"It is against this backdrop that we welcome the President's approval of a negotiated settlement in order to pave way for oil prospecting in the lucrative oil block that has been described as one of Africa's juiciest but which had been idle for nearly 30 years despite holding billions of barrels of crude oil.

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"This will go a long way in boosting the country's daily crude and gas production output, meaning more revenue at a time the country has, for years, been struggling to meet its OPEC quota."

The policy group recommended to President Bola Tinubu that he expedite the issuance of an Oil Mining Licence (OML) to one or both of the international oil companies, given their expressed interest in advancing development in the oil block.

Additionally, it called on the government to ensure transparency and fairness in the licensing procedures for oil blocks.

Tinubu must not bow to corruption despite challenges, says IMPI

In another similar report, President Tinubu has been given his flowers for his performance so far at the helm of the administration.

The Independent Media & Policy Initiative (IMPI) said President Tinubu's economic policies and approach have come with aplomb.

Similarly, the group hailed President Tinubu's fight against corruption, urging him to continue that trajectory.

Source: Legit.ng

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