Nigerian energy company Oando PLC has completed the acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from Italian multinational Eni. The African Energy Chamber (AEC) endorses this acquisition, highlighting the role of local exploration companies in revitalizing Nigeria and Africa’s upstream landscape.
The $783-million transaction sees Oando’s interests in Oil Mining Licenses (OML) 60, 61, 62, and 63 increase to 40%, with total reserves growing to one billion barrels of oil equivalent. Oando’s ownership stake will also increase in NAOC’s joint venture assets, including various oil and gas fields, pipelines, and infrastructure.
Oando is a leading indigenous explorer in Nigeria’s oil and gas sector, with producing assets including Qua Iboe and the Ebendo Field. The company’s development pipeline and exploration prospects show promising potential for boosting operational capacity.
Oando’s Group Chief Executive, Wale Tinubu, expressed excitement about the acquisition, highlighting the company’s commitment to growth and creating value in Africa’s energy sector. Oando PLC’s strategic partnerships and focus on sustainable growth position it well to leverage Africa’s energy resources.
The AEC congratulates Oando on the successful completion of the acquisition, recognizing the impact of local exploration companies in harnessing Africa’s energy resources. The AEC looks forward to discussing this deal at the upcoming AEW event.
Distributed by APO Group on behalf of African Energy Chamber.