Would you like to receive notifications on latest updates of the following headlines?

Oando acquires NAOC from Eni for $783m

POSTED ON August 23, 2024 •   Breaking News      BY Abiodun Saheed Omodara
Oando logo

Oando Plc has acquired a 100 per cent stake in the Nigerian Agip Oil Company from Italian energy firm, Eni, in a deal valued at $783m.

In a corporate notice filed on the Nigeria Exchange Limited on Thursday, Oando noted the acquisition aligned with its strategy to bolster its upstream operations in the country’s oil and gas industry.

According to the firm, the transaction significantly increases its participating interest in key oil mining leases  60, 61, 62, and 63 from 20 per cent to 40 per cent, effectively doubling its stake in the NEPL/NAOC/OOL Joint Venture

“We are pleased to announce the successful completion of the acquisition of 100 per cent of the shareholding interest in the Nigerian Agip Oil Company from the Italian energy

"The newly acquired assets encompass 40 oil and gas fields, with 24 currently in production, along with 1,490 kilometres of pipelines, 12 production stations, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai power plants with a combined capacity of 960MW."

Oando reported that the acquisition had resulted in a 98% surge in its total reserves, from 505.6 million barrels of oil equivalent to one billion barrels of oil equivalent, based on 2022 estimates.

It added the transaction was anticipated to generate substantial cash immediately, significantly increasing its revenue and cash flow.
Based on 2022 reserves estimates, Oando's total reserves stand at 505.6MMboe, and the transaction will deliver a 98 per cent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe.

The Group Chief Executive of Oando, Wale Tinubu, described the deal as a culmination of a decade-long journey that began with the company's 2014 entry into the Joint Venture through the acquisition of ConocoPhillips Nigerian assets.

Tinubu stated that that was a major win for Oando and the entire indigenous energy sector, and with full control of those assets, they were in a stronger position to drive Nigeria's upstream growth while ensuring sustainable practices in their host communities.

Oando's immediate focus will be on maximising the potential of the acquired assets, increasing production, and maintaining a balance between operational efficiency and environmental stewardship.

Last month, the Nigerian Upstream Petroleum Regulatory Commission approved the sale of Nigerian Agip Oil Company from Eni to Oando.

READ ALSO
Controller General Issues Urgent Security Directive for Correctional Facilities
BY Abiodun Saheed Omodara June 4, 2025 0

The Controller General of Corrections, Sylvester Nwakuche, has issued a strict order to all Zonal Co...

READ ALSO
NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 4, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...

READ ALSO
Road Maintenance Crisis: FERMA Requires N880 Billion Yearly Amid Budget Shortfalls
BY Abiodun Saheed Omodara June 3, 2025 0

ABUJA, Nigeria - The Federal Government needs approximately N880 billion each year for the upkeep of...

READ ALSO
FG Declares Friday, Monday public holiday for Eid-el-Kabir
BY Abiodun Saheed Omodara June 2, 2025 0

The Federal Government has declared Friday, June 6, and Monday, June 9, 2025, as public holidays to...

READ ALSO
Lagos Govt. Threaten Closure of Market, Over Non-Compliance of Environmental Regulations
BY Abiodun Saheed Omodara June 2, 2025 0

LAGOS, Nigeria - The Lagos State Government issued a warning on Sunday to traders at Alabarago Marke...

READ ALSO
FG Unveils 77,400 Units to Combat Nigeria's Housing Shortage
BY Abiodun Saheed Omodara June 2, 2025 0

The Federal Government has launched a groundbreaking initiative as part of the Renewed Hope Agenda,...

READ ALSO
LASG Set to Revive Monthly Environmental Sanitation Exercise
BY Abiodun Saheed Omodara June 2, 2025 0

LAGOS, Nigeria - Determined to ensure Lagosians adhere strictly to the hygiene standards that befits...

READ ALSO
Bandits to Take Control of Governance - El-Rufai
BY Abiodun Saheed Omodara June 1, 2025 0

Former Kaduna State Governor, Nasir El-Rufai, has stated that Nigerians have permitted bandits to as...

OUR CHANNELS:

Enugu Proposes Bill to Curb Criminal Activities Linked to Traditional Practitioners
BY Abiodun Saheed Omodara June 6, 2025 0

ENUGU, Nigeria - Enugu State Governor Peter Mbah has proposed an Executive Bill to the Enugu State H...


Bill Gates Advocates for Improved Health Care in Nigeria Amid Budget Constraints
BY Abiodun Saheed Omodara June 6, 2025 0

US billionaire Bill Gates, who chairs the Gates Foundation, expressed that Nigeria’s health bu...


Controller General Issues Urgent Security Directive for Correctional Facilities
BY Abiodun Saheed Omodara June 6, 2025 0

The Controller General of Corrections, Sylvester Nwakuche, has issued a strict order to all Zonal Co...


NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


More Articles

Load more...

Menu