Business

Oando Acquires Nigerian Agip Oil Company in $783m Deal, Doubles Oil and Gas Reserves in Strategic Expansion

In a landmark transaction poised to reshape Nigeria’s oil and gas landscape, Oando PLC has successfully acquired 100% of the shareholding interest in Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni.

The deal, valued at $783 million, marks a significant expansion of Oando’s upstream operations, effectively doubling the company’s reserves and increasing its participating interests in several key oil fields.

The acquisition, which includes a 100% shareholding interest in NAOC, is a landmark achievement for Oando as it strengthens its participating interests in four key oil mining leases (OMLs 60, 61, 62, and 63) from 20% to 40%. This expansion solidifies Oando’s ownership in all NEPL/NAOC/OOL Joint Venture assets, encompassing 40 discovered oil and gas fields, 24 of which are currently producing, along with a vast network of infrastructure including 1,490 kilometres of pipelines and three gas processing plants.

Commenting on the completion of the transaction, Wale Tinubu, Group Chief Executive of Oando PLC, described it as the culmination of a decade-long strategic effort.

“Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands and play a pivotal role in this next phase of the nation’s upstream evolution,” he stated.

The transaction also marks a significant increase in Oando’s reserves, adding 493.6 million barrels of oil equivalent (MMboe) to bring the company’s total reserves to one billion barrels. This development is expected to be immediately cash generative, contributing significantly to the company’s cashflows and future financial performance.

Oando’s acquisition is not only about expanding production but also about ensuring sustainable development and responsible practices, Tinubu remarked, as he said, “Our immediate focus is on optimizing the assets’ immense potential, advancing production and contributing to our strategic objectives. This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities and environmental stewardship.”

As Oando assumes the role of operator for these assets, the company is also looking to the future with plans to diversify within the broader energy sector, as Tinubu highlighted Oando’s intention to explore opportunities in clean energy, agri-feedstock, energy infrastructure, and mining, reflecting the company’s commitment to long-term growth and value creation for its stakeholders.

Ozioma Samuel-Ugwuezi

Follow us on:

Ozioma Samuel-Ugwuezi

View Comments

  • !!!! Announcements N. C. S auction CUSTOM AUCTIONING IS CURRENTLY GOING NOW!!! .
    ROOFING SHEETS DIFFERENT TYPES AVAILABLE.
    IMPORTEDED VEHICLES & DIFFERENT TYPES OF GENERATORS, AUCTION PHONE'S. FOR SALE AT CHEAP AND AFFORDABLE AUCTION PRICE INTERESTED BUYER SHOULD KINDLY CONTACT US ON O8O__6739__9O9O.
    BAGS OF RICE AND VEGETABLE OIL FOR SALE IN A CHEAP AND AFFORDABLE PRICE, BUYER SHOULD CONTACT US ON O8O__6739__9O9O.
    ARE ALSO AVAILABLE FOR SALES.
    SOME OF THE AVAILABLE VEHICLES AND THEIR AUCTION PRICES ARE:
    Toyota 4Runner #950,000
    Toyota Avalon #900,000
    Toyota Avensis #950,000
    Toyota Camry tiny light #450,000
    Toyota Camry muscle #850,000.
    Toyota Camry Big daddy #650,000
    Toyota Corolla le #500,000/#850,000. Corolla S, XLE
    Toyota FJ Cruiser #1.1M
    Toyota Hiace #1.5m
    Toyota Highlander #950,000
    Toyota Hilux #1.2m
    Toyota Matrix #600,000
    Toyota Prado #2m
    Toyota Rav4 #650,000
    Toyota Sequoia #950,000
    Toyota picnic #670,000
    Toyota Sienna #600,000
    Toyota Tacoma #2.7m.
    Toyota Tundra #2.5M.
    Toyota Venza #1.2M
    Toyota Yaris #900,000
    Volkswagen Golf 2,3,4 #250,000 /#450,000
    Volkswagen Passat #600,000.
    Volkswagen Touareg #600,000
    Acura MDX #1.3
    Acura TL #1M
    Acura ZDX #2M
    Audi A4 #500,000
    Audi A6 #650,000
    BMW 3-Series #650,000
    BMW 5-Series #980,000
    Ford Escape #600,000
    Ford Explorer #900,000
    Honda Baby Boy #500,000
    Honda Accord 03 EOD #860,000
    Honda Civic #500,000
    Honda Crosstour #1.1M
    Honda CR-V #750,000
    Hyundai Accent #950,000.
    Infiniti FX35 #1M
    Infiniti FX45 #1.2M
    Land Rover Discovery #3M
    Lexus ex 300 #800,000
    Lexus Rx330,#900,000
    Lexus Rx350,#1.4m
    Lexus Rx400, #2m
    RANG ROVER SPORT =#2.5M.
    Land Rover LR3 #950,000.
    MERCEDES BENZ DIFFERENT MODEL.
    NOTICE: THE PRICE OF THOSE VEHICLES DEPEND ON THEIR YEAR MODEL.

Recent Posts

Edo Governor Appoints Arise News Anchor Suleiman Aledeh MD of Edo Broadcasting Service

Edo Governor Okpebholo has appointed Arise News’ Suleiman Aledeh as MD of Edo Broadcasting Service,…

9 hours ago

Philippine Vice President Publicly Threatens President With Assassination

The Philippine vice president Duterte has made a public threat to have the president assassinated,…

19 hours ago

Laos Government Pledges Justice in Fatal Alcohol Poisoning Case That Claimed Six Tourists’ Lives

The Laos government has vowed to deliver justice following an alcohol poisoning incident that tragically…

19 hours ago

Freeman Mbowe, Other Tanzanian Opposition Leaders Arrested

Chadema party chairman Freeman Mbowe and other Tanzanian leaders have been detained for allegedly violating…

20 hours ago

Deadly Israeli Missile Strike Eight-Storey Building in Beirut

An Israeli airstrike in Beirut has killed four, injured over 20, and flattened an eight-storey…

20 hours ago

Trump Nominates Bessent To Lead US Treasury

Trump has nominated Wall Street financier Scott Bessent as Treasury Secretary, emphasising his expertise in…

20 hours ago