Nigeria, March 6 -- The development was disclosed in a press release issued by the Presidency and made available to The News Chronicle on Thursday.

According to the statement, the historic settlement agreement was reached between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited during a meeting held at the President's office in Abuja.

The meeting was attended by the Chief Executive Officer of Eni, Claudio Descalzi, the company's Chief Operating Officer, Guido Brusco, Head of Sub-Saharan Region Mario Bello, Managing Director of Nigerian Agip Exploration Fabrizio Bolondi, and the Special Adviser to the President on Energy, Olu Verheijen.

The agreement brings to an end a dispute that has lasted for more than ...