AGS NEWS – Oando PLC has completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd), marking a significant milestone for the company.

Oando announced the completion of the deal with Eni in a statement on Thursday, highlighting that the signing ceremony took place at The Peninsula Hotel in London.

The acquisition strengthens Oando’s position as Nigeria’s leading indigenous energy solutions provider and aligns with its commitment to advancing the country’s energy transition.

Oando expressed excitement about the growth opportunities the acquisition presents, stating it will leverage the acquired assets to enhance its goal of delivering efficient and sustainable energy solutions.

Eni, in a separate statement on its website, confirmed the sale of its wholly owned subsidiary, NAOC Ltd, to Oando.

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The transaction, approved by all relevant authorities, is part of Eni’s strategy to rationalize its upstream activities by rebalancing its portfolio and divesting non-strategic assets.

However, Eni will retain its 5% stake in the Shell Production Development Company Joint Venture, while continuing its investments in deepwater projects and Nigeria LNG.

The acquisition was initially announced in September 2023 but faced delays due to regulatory approvals. With all necessary authorizations now secured, Oando has officially taken ownership of NAOC Ltd, which focuses on onshore oil and gas exploration, production, and power generation.