Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million.

The company confirmed via a press release that the deal has been completed representing a significant milestone in Oando’s long-term strategy. The transaction includes reimbursement and consideration for the asset.

The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational footprint and expanding its upstream capabilities.

Recall Italian Oil Major, Eni, reported it had received the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando.

Eni said NAOC focuses on onshore oil and gas exploration and production as well as power generation in Nigeria.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had also announced that Oando PLC completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

NUPRC Chief Executive, Engineer Gbenga Komolafe disclosed in July that Oando Plc a leading indigenous energy solutions provider has completed its divestment agreement with ENI for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

Key Transaction Details
Increased Stake in Key Oil Blocks: The acquisition boosts Oando’s participating interest in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40%. This expands Oando’s ownership in all NEPL/NAOC/OOL Joint Venture assets, encompassing 40 discovered oil and gas fields, of which 24 are currently producing.

Enhanced Infrastructure Ownership: Oando now has a stake in vital infrastructure, including approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the KwaleOkpai power plants (960MW capacity). This acquisition further strengthens the company’s infrastructure footprint in Nigeria.

Significant Increase in Reserves: Oando’s total reserves have jumped from 505.6 million barrels of oil equivalent (MMboe) to over 1 billion barrels, representing a 98% increase based on 2022 reserve estimates.

Immediate Cash Flow Impact: The transaction is expected to be immediately cash generative, significantly enhancing Oando’s financial position and cash flows.

https://nairametrics.com/2024/08/22/oando-plc-acquires-nigerian-agip-oil-company-for-783-million/

Hm

Oando mean business

Gogreen7:
Oando mean business

Yes o!!
Massive Congratulations to Oando Plc and its shareholders.

State capture. This is just the beginning for the Tinubu's family . They have collected downstream business of NNPC. Baba will now be paying subsidy to himself.