Oando PLC has successfully completed its acquisition of Nigerian Agip Oil Company (NAOC) from Eni for $783 million, solidifying its position in Nigeria’s oil and gas sector.
“This is a win for Oando and every indigenous energy player as we take our destiny in our hands and play a pivotal role in the next phase of Nigeria’s upstream evolution,” said Wale Tinubu, Group Chief Executive of Oando PLC.
The acquisition boosts Oando’s participating interest in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40%, expanding its ownership in all NEPL/NAOC/OOL Joint Venture assets. Oando now has a stake in vital infrastructure, including approximately 1,490 km of pipelines, three gas processing plants, and the Brass River Oil Terminal.
The transaction is expected to be immediately cash generative, significantly enhancing Oando’s financial position and cash flows. However, the company cautioned that the transaction involves inherent risks and uncertainties.
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