Business
Oando acquires NAOC from Italian Eni
Nigeria’s integrated oil company, Oando Plc has completed the acquisition of Eni’s 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 its Chief Compliance Officer, Ayotola Jagun
In the deal sealed at The Peninsula Hotel in London, Oando, which is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, will take over the Italian company’s 100 percent shareholding interest in NAOC.
READ ALSO: Oando, Afreximbank sign $800m deal
For Oando, a leading energy solutions provider in Nigeria, the acquisition is a significant milestone in its long-term strategy to expand its upstream operations and strengthen its position in the country’s oil and gas sector.
The deal increases Oando’s current participating interests in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20 percent to 40 percent.
It also increases the company’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include 40 discovered oil and gas fields, of which 24 are currently producing approximately 40 identified prospects and leads 12 production stations approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the KwaleOkpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.
By: Babajide Okeowo
Join the conversation
Opinions
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Despite rating as best in healthcare delivery, many Kwara communities still cut off from healthcare services
Sprawling in intermittent Labour pains, Iyabo Ganiyu, a middle-aged mother of five who is a resident of the Ariyibi community,...
INVESTIGATION: With billions spent on borehole projects, Borno communities still suffer water scarcity
According to the budget, the Borno State government has invested billions of naira to construct boreholes. But findings by IMRAN...
INVESTIGATION: Gas flaring by Shell, Eni continues despite climate commitment claims (Part III)
This investigation by PATRICK EGWU is the third of a year-long three-part investigative series on climate change disinformation and claims...
INVESTIGATION: After an oil spill, Eni claimed it never happened (Part II)
This investigation by PATRICK EGWU is the second of a year-long three-part investigative series on climate change disinformation and claims...
INVESTIGATION: How Shell is pushing climate disinformation in Nigeria’s Niger Delta (Part I)
This investigation by PATRICK EGWU is the first of a year-long three-part investigative series on climate change disinformation and claims...