Nigeria's Oando will acquire 100% of Agip Oil and Gas shares from Italian energy company, Eni.| #NwokeukwuMascot


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Eni, an Italian multinational energy company headquartered in Rome, has announced the signing of an agreement with Oando PLC for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), the wholly Eni-owned subsidiary focusing on onshore oil and gas exploration and production in Nigeria, as well as power generation.

Oando PLC is a Nigerian multinational energy company operating in the upstream, midstream and downstream. It is an indigenous energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange.

NAOC Ltd is present with interests in Nigeria across 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV (operator NAOC Ltd 20%, Oando 20%, NNPC E&P Limited 60%), in the Okpai 1 and 2 power plants (with a total nameplate capacity of 960MW), and in two onshore exploration leases (OPL 282 and OPL 135, respectively 90% and 48%) for which it also holds operatorship.

NAOC Ltd’s participating interest in SPDC JV (Shell Production Development Company Joint Venture-operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio, a statement from Eni’s press office said on Monday.

Following the transaction completion with Oando PLC, Eni will maintain its presence in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR), reiterating the company’s commitment to its employees’ health and safety, as well as to the environment.

Eni will continue to operate in the country focusing on operated offshore activities. Participation in operated-by-others assets, both onshore and offshore, and Nigeria LNG will remain in Eni’s portfolio too.

The transaction is consistent with Eni’s 2023-2026 Plan. The Upstream will supplement the core organically led growth with inorganic high-grading activity, adding resources with incremental value while divesting resources that can offer greater value and opportunities to new owners.

The closing of this transaction is subject to, inter alia, the authorization of all relevant local and regulatory authorities.

In the same vein, Oando PLC on Monday announced that it had reached an agreement with Eni for the acquisition of

100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

It said the completion of the transaction was subject to Ministerial Consent and other required regulatory approvals.

A statement from its Chief Compliance Officer & Company Secretary, Ayotola Jagun, on Monday, said, “The transaction increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%.

“It increases 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, approximately 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.

“Based on 2021 reserves estimates, Oando’s total reserves stand at 503.3M Mboe and the transaction will deliver a 98% increase.

“The transaction also grows Oando’s exploration asset portfolio through the acquisition of a 90% interest in OPL 282 and 48% interest in OPL 135.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture - operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.”

Commenting, Wale Tinubu, Group Chief Executive, Oando PLC said: “The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and significantly increase production. Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves.

“Today’s announcement is not just an important milestone for the future of Oando; it brings to bear the important role indigenous actors will play in the future of the Nigerian upstream sector.

“Having achieved this significant milestone, we look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for our local communities, stakeholders and shareholders."


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