Oando Plc, a prominent indigenous energy solutions provider, has struck an agreement with ENI for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
However, the completion of this acquisition is contingent upon Ministerial Consent and other requisite regulatory approvals.
The announcement of this significant development came through an official statement released by Oando Plc on its website.
ENI agrees to sell Nigerian Agip oil company Ltd
According to the statement, “Eni announces the signing of an agreement with Oando PLC – Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange – for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), the wholly Eni-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation.”
NAOC Ltd holds interests in Nigeria across four onshore blocks (OML 60, 61, 62, 63) and operates them on behalf of NAOC JV, which includes Oando (20%), NAOC Ltd (20%), and NNPC E&P Limited (60%).
The company also has stakes in the Okpai 1 and 2 power plants with a total capacity of 960MW, as well as two onshore exploration leases (OPL 282 and OPL 135).
Importantly, ENI will retain its 5% stake in the SPDC JV operated by Shell, demonstrating its commitment to maintaining a presence in Nigeria.
ENI has outlined that this transaction aligns with its 2023-2026 plan, aiming to enhance its resource portfolio and value proposition.
The successful completion of the sale is contingent upon obtaining approval from all relevant local and regulatory authorities.