Oando PLC has officially completed the acquisition of Nigerian Agip Oil Company (NAOC) from the Italian energy giant Eni, marking a major achievement in Oando’s strategic vision.
The transaction, valued at $783 million, includes not only the purchase consideration but also reimbursement for the assets, representing a significant investment in Nigeria’s energy sector.
This acquisition is expected to strengthen Oando’s position within the country’s oil and gas industry by significantly enhancing its operational footprint and expanding its upstream capabilities. The deal underscores Oando’s commitment to growing its influence and capacity in the Nigerian energy market.
It is noteworthy that Eni had previously announced its receipt of approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of its entire stake in NAOC to Oando.
NAOC has been primarily involved in onshore oil and gas exploration, production, and power generation within Nigeria, making it a valuable asset for Oando’s portfolio.
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The NUPRC also confirmed the completion of the acquisition, with its Chief Executive, Engineer Gbenga Komolafe, disclosing in July that Oando, a leading indigenous energy solutions provider, had successfully acquired 100% of the shares in Nigerian Agip Oil Company Limited (NAOC Ltd).
This divestment agreement between Oando and Eni marks a critical milestone in Nigeria’s oil and gas sector, paving the way for future growth and development.
Wale Tinubu, Group Chief Executive of Oando PLC, hailed the acquisition of Nigerian Agip Oil Company as the culmination of a decade-long journey that began with Oando’s 2014 purchase of ConocoPhillips’ Nigerian assets.
He called it a milestone for both Oando and the indigenous energy sector, emphasizing the company’s commitment to optimizing the new assets responsibly and sustainably while contributing to Nigeria’s oil production goals.
Although the acquisition offers significant growth potential, Oando cautioned that risks remain, including changes in project parameters, crude oil prices, and international operational challenges.
Despite these uncertainties, the company remains confident in the deal’s long-term value and its plans to diversify into clean energy, agri-feedstock, and energy infrastructure.