Oando Plc has finalized its $783 million purchase of Nigerian Agip Oil Company (NAOC) from Eni, an Italian energy corporation.
The acquisition, announced on Thursday by Oando’s Chief Compliance Officer, Ayotola Jagun, grants Oando complete control over NAOC’s shares.
This acquisition, a major move for Oando, strengthens its position in Nigeria’s oil and gas industry and aligns with its long-term strategy to enhance its upstream operations.
The deal increases Oando’s stake in several Oil Mining Leases (OMLs) and boosts its ownership in key assets, including discovered oil and gas fields, production stations, pipelines, gas processing plants, and power plants.
According to estimates from 2022, this transaction will nearly double Oando’s reserves from 505.6 million barrels of oil equivalent to 1 billion barrels.
The acquisition is expected to positively impact the company’s cash flows and support its strategic goals, including advancing production, optimizing assets, and focusing on sustainable development.
Oando also plans to explore opportunities in clean energy and other sectors to foster growth and value creation.
