Nigeria’s Oando completes $783-million acquisition of NAOC

LAGOS, August 23, 2024 – Nigerian energy company Oando completed the acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from Eni, Oando announced in a press release this Thursday.

The transaction for the acquisition totalled USD 783 million, comprising consideration for the asset and reimbursement.

The sale will see Oando take an additional 20% interest in onshore blocks OML 60, OML 61, OML 62 and OML 63. Currently the blocks are operated by NAOC on behalf of a joint venture with state-owned NNPC.

The local player will also take 90% and 48% operating stakes in two onshore exploration licences, OPL 282 and OPL 135 respectively.

The assets contain 40 oil and gas discoveries, of which 24 are currently under production; 1,490 kilometres of pipelines; three gas processing plants; the Brass River oil terminal; and other associated infrastructure.

Additionally, Oando will acquire two power plants with a production capacity of 960 MW, the Okpai 1 and Okpai 2 assets.

The acquisition represents a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.

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