Nigeria’s integrated oil company, Oando Plc has completed the acquisition of Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), for $783 million.
The company disclosed this in a Corporate Disclosure sent to the Nigerian Exchange Group (NGX) on Thursday by its Chief Compliance Officer, Ayotola Jagun
In the deal sealed at The Peninsula Hotel in London, Oando, which is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, will take over the Italian company’s 100 percent shareholding interest in NAOC.
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For Oando, a leading energy solutions provider in Nigeria, the acquisition is a significant milestone in its long-term strategy to expand its upstream operations and strengthen its position in the country’s oil and gas sector.
The deal increases Oando’s current participating interests in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20 percent to 40 percent.
It also increases the company’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include 40 discovered oil and gas fields, of which 24 are currently producing approximately 40 identified prospects and leads 12 production stations approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the KwaleOkpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.
By: Babajide Okeowo
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