Oando PLC has agreed to acquire Nigerian Agip Oil Co. Ltd. (NAOC Ltd)., the wholly Eni-owned subsidiary focusing on onshore oil and gas exploration and production in Nigeria, as well as power generation.
The deal increases Oando’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, about forty identified prospects and leads, 12 production stations, some 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 960 Mw), and associated infrastructure.
NAOC Ltd. participating interest in SPDC JV (Shell Production Development Co. Joint Venture - operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the transaction and will be retained in Eni’s portfolio.
Eni will maintain its presence in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR). Eni continues to operate in the country focusing on operated offshore activities. Participations in operated-by-others assets, both onshore and offshore, and Nigeria LNG will also remain in the Eni portfolio.
Completion of the transaction is subject to Ministerial Consent and other required regulatory approvals.
