Oando PLC acquires Nigerian AGIP oil company

Oando PLC has announced an agreement with ENI over the 100 per cent acquisition of Nigerian AGIP Oil Company Limited shares.

The company, Oando, disclosed this on Monday in a statement obtained by PulseNets.

“Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that it has reached an agreement with Eni (“ENI”) (an integrated energy company actively supporting a just energy transition, to achieve Net-Zero carbon emissions by 2050 and promote efficient and sustainable access to energy for all), for the acquisition of 100 per cent of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

“Completion of the transaction is subject to Ministerial Consent and other required regulatory approvals”, the statement contained.

The implication is that the transaction has increased Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20 per cent to 40 per cent.

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Also, it has increased Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure, which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads, twelve production stations, about 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.

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