Nigeria, March 6 -- President Bola Tinubu on Thursday announced the resolution of a decades-long dispute over Oil Prospecting Licence (OPL) 245, one of Nigeria's most commercially significant deepwater oil blocks.

The presidency said the agreement paves the way for a development that could add approximately 150,000 barrels per day to the country's production capacity.

Details of the agreement were not made public, but the president's office described it as a "historic settlement" that would unlock the development of one of Nigeria's most strategically important deepwater resources.

OPL 245, a vast deepwater offshore asset in the Niger Delta, holds an estimated nine billion barrels of crude and has remained largely untapped for nearly t...