Oando PLC is pleased to announce the successful acquisition of 100% ownership in Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni. The transaction, valued at $783 million, encompasses both the asset value and reimbursement.
Oando PLC’s acquisition of Eni’s Nigerian Agip Oil Company (NAOC) represents a milestone in its expansion of upstream operations and enhancement of its position in the Nigerian oil and gas industry.
This transaction elevates Oando’s interest in OMLs 60, 61, 62, and 63 from 20% to 40%, and increases its stake in the NEPL/NAOC/OOL Joint Venture’s comprehensive portfolio, which includes 40 discovered oil and gas fields, 24 of which are currently in production, along with critical infrastructure such as 1,490 km of pipelines, three gas processing plants, and the Brass River Oil Terminal.
The acquisition will also nearly double Oando’s reserves, with an increase of 493.6MMboe, bringing the total to 1.0Bnboe. This transaction is poised to be immediately cash generative and will significantly enhance the company’s cash flow.
Wale Tinubu CON, Group Chief Executive of Oando PLC, commented on the acquisition, stating that it marks the achievement of a decade of effort, resilience, and a steadfast commitment to their vision since entering the Joint Venture in 2014 through the acquisition of ConocoPhillips’ Nigerian portfolio.
He highlighted the significance of this milestone for Oando and indigenous energy players, emphasising the company’s role in advancing Nigeria’s upstream sector. With the new operator role, Oando will focus on maximising asset potential, boosting production, and achieving strategic goals while upholding responsible practices and sustainability. Tinubu also mentioned the company’s future plans to explore diversification in clean energy, agri-feedstock, energy infrastructure, and mining to drive growth and value for stakeholders.
