{"id":143674,"date":"2024-08-22T18:52:51","date_gmt":"2024-08-22T17:52:51","guid":{"rendered":"https:\/\/newsdigest.ng\/?p=143674"},"modified":"2024-08-22T18:52:51","modified_gmt":"2024-08-22T17:52:51","slug":"oando-plc-completes-million","status":"publish","type":"post","link":"https:\/\/thepublicpulse.ng\/?p=143674","title":{"rendered":"Oando Plc Completes $783 Million Acquisition of Nigerian Agip Oil Company"},"content":{"rendered":"<p><strong>Oando Plc has finalized its $783 million purchase of Nigerian Agip Oil Company (NAOC) from Eni, an Italian energy corporation.\u00a0<\/strong><\/p>\n<p>The acquisition, announced on Thursday by Oando&#8217;s Chief Compliance Officer, Ayotola Jagun, grants Oando complete control over NAOC&#8217;s shares.<\/p>\n<p>This acquisition, a major move for Oando, strengthens its position in Nigeria\u2019s oil and gas industry and aligns with its long-term strategy to enhance its upstream operations.<\/p>\n<p>The deal increases Oando&#8217;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.<\/p>\n<p>According to estimates from 2022, this transaction will nearly double Oando\u2019s reserves from 505.6 million barrels of oil equivalent to 1 billion barrels.<\/p>\n<p>The acquisition is expected to positively impact the company\u2019s cash flows and support its strategic goals, including advancing production, optimizing assets, and focusing on sustainable development.<\/p>\n<p>Oando also plans to explore opportunities in clean energy and other sectors to foster growth and value creation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oando Plc has finalized its $783 million purchase of Nigerian Agip Oil Company (NAOC) from Eni, an Italian energy corporation.\u00a0 The acquisition, announced on Thursday by Oando&#8217;s Chief Compliance Officer, Ayotola Jagun, grants Oando complete control over NAOC&#8217;s shares. This acquisition, a major move for Oando, strengthens its position in Nigeria\u2019s oil and gas industry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":143676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[509],"class_list":{"0":"post-143674","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-naoc"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oando Plc Completes $783 Million Acquisition of Nigerian Agip Oil Company - The Public Pulse<\/title>\n<meta name=\"description\" content=\"Oando Plc has finalized its $783 million purchase of Nigerian Agip Oil Company (NAOC) from Eni, an Italian energy corporation.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thepublicpulse.ng\/?p=143674\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oando Plc Completes $783 Million Acquisition of Nigerian Agip Oil Company - 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