Oando acquires NAOC from Italy’s Eni

Nigerian integrated oil company Oando Plc has completed the acquisition of Eni subsidiary Nigerian Agip Oil Company (NAOC) for $783 million.

The company disclosed this in a Corporate Disclosure sent to the Nigerian Exchange Group (NGX) on Thursday by Chief Compliance Officer, Ayotola Jagun.

In a deal sealed at The Peninsula Hotel in London, Oando, which is listed on the Nigerian Exchange Limited and the Johannesburg Stock Exchange, will take over 100 per cent of the Italian company’s shareholding in NAOC.

READ ALSO: Oando, Afreximbank sign $800 million deal

For Oando, Nigeria’s leading energy solutions provider, the acquisition represents a key milestone in its long-term strategy to expand upstream operations and strengthen its position in the country’s oil and gas sector.

This agreement increases Oando’s current participating interest in Oil Mining Leases (OML) 60, 61, 62 and 63 from 20 per cent to 40 per cent.

This also increases the company’s shareholding in all assets and infrastructure of the NEPL/NAOC/OOL Joint Venture which includes 40 discovered oil and gas fields, 24 of which are currently producing, about 40 identified prospects and leads, 12 production stations, about 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the KwaleOkpai power plant phases 1 & 2 (with a total installed capacity of 960MW), and associated infrastructure.

By: Babajide Okeowo

Oando acquires NAOC from Italy’s Eni first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.