OANDO PLC announces acquisition of Nigerian AGIP oil company

Oando PLC and ENI have announced a deal for the full acquisition of the shares of Nigeria's AGIP Oil Company Limited.

According to DAILY POST, the company Oando, made this known on Monday.

“Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that it has reached an agreement with Eni (“ENI”) (an integrated energy company actively supporting a just energy transition, to achieve Net-Zero carbon emissions by 2050 and promote efficient and sustainable access to energy for all), for the acquisition of 100 per cent of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

"Completion of the transaction is subject to Ministerial Consent and other required regulatory approvals”, the statement contained.

The implication is that as a result of the transaction, Oando's current participating interests in OMLs 60, 61, 62, and 63 have increased from 20% to 40%.

Additionally, it has raised Oando's ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure, including twelve production stations, roughly forty identified prospects and leads, roughly 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 and 2 power plants (with a combined nameplate capacity of 960MW), and associated infrastructure.

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