Oando Plc has successfully acquired a 100% shareholding interest in the Nigerian Agip Oil Company (NAOC) from Eni, an Italian oil major, for $783 million.
Gatekeepers News reports that the deal, announced on Thursday, marks a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.
“The Transaction increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%,” the statement reads.
The acquisition also increases Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure.
Wale Tinubu, Oando’s Group CEO, described the announcement as a “win for Oando, and every indigenous energy player,” adding that the company would focus on optimizing the assets’ immense potential, advancing production, and contributing to strategic objectives while prioritising responsible practices and sustainable development.
The acquisition is expected to deliver a 98% increase in Oando’s reserves, bringing the total to 1 billion MMboe, and is immediately cash-generative, contributing significantly to the company’s cash flows.
