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:
NIgeria's federal government and organised labour have signed an agreement on the new minimum wage…
A significant escalation in the ongoing conflict between Israel and Hezbollah has occurred following an…
Africa’s largest gathering of creative industry professionals, CANEX WKND, is taking place from October 16-19,…
Sri Lankans are casting their votes in a significant presidential election on Saturday, the first…
Governor Caleb Mutfwang of Plateau State has reaffirmed loyalty to the Peoples Democratic Party (PDP),…
The Nigerian National Petroleum Company Limited (NNPC) has resumed discussions with investors towards bringing back…
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.