1 year after, Oando gets FG’s nod to acquire Agip
Foremost indigenous oil and gas company, Oando Plc, yesterday, disclosed that Italian oil giant, Eni, has received a formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of 100 per cent of the shares of the Nigerian Agip Oil Company (NAOC). Following Eni’s receipt of consent, both parties can proceed with […]
Foremost indigenous oil and gas company, Oando Plc, yesterday, disclosed that Italian oil giant, Eni, has received a formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of 100 per cent of the shares of the Nigerian Agip Oil Company (NAOC).
Following Eni’s receipt of consent, both parties can proceed with the completion of the
transaction.
Oando announced this yesterday in a communication to the Nigerian Exchange. This was coming almost one year after Eni signed a deal to divest the Nigerian subsidiary.
The Group Chief Executive of Oando Plc, Wale Tinubu, said, “We are delighted that Eni has received
the government’s approval to proceed with the completion of this strategic transaction.”
- Diaspora remittances: FG to issue $500m security in August
- PCN seals 571 pharmacies, medicine shops in Bauchi
The approval allows 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 and gas exploration and production.
NAOC Ltd, participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5per cent, NNPC 55 per cent) is not included in the parameter of the transaction and will be retained in Eni’s portfolio.
Eni remains committed to the country through investments in deep water projects and Nigeria
LNG.
Furthermore, the company is developing plans for economic diversification in the country which include assessing the potential production of agri-feedstock for Enilive biorefineries and various nature and technology-based projects such as clean cooking initiatives to offset emissions.