Eni gets approval to sell Agip to OANDO

Eni has received the nod of the Nigerian Upstream Petroleum Regulatory Commission to sell its unit, Nigerian Agip Oil Company, to Oando.

In a statement on Tuesday, Eni disclosed that the NAOC focuses on onshore oil and gas exploration and production as well as power generation.

NAOC’s five per cent stake in Shell Production Development Company Joint Venture was not included in the transaction and will remain in Eni’s portfolio, the statement stated.

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG”, it said.

The PUNCH reports that a number of the international oil companies in Nigeria have divested to the deepwater.

In September 2023, Oando announced plans to acquire the NAOC, but the deal was delayed due to regulatory approvals required.

On July 3, the NUPRC announced that Oando had completed the acquisition of 100 percent shares of Eni in its subsidiary, NAOC, adding that an announcement was imminent.

Confirming this in the statement, the Italian oil company said it has obtained all other relevant local and regulatory authorities’ authorisations.

“Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange,” it stated.

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