Oando PLC, a major down stream player in the Nigeria oil market, has completed the acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni, for a total consideration of $783 million.
According to the company, the deal has been completed, representing a significant milestone in Oando’s long-term strategy. The transaction includes reimbursement and consideration for the asset.
The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational trajectory and expanding its upstream capabilities.
According to statement from the company, “Today marks a historic milestone for Oando PLC, as we proudly announce the completion of our agreement with Eni for the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
“The signing ceremony, held at The Peninsula Hotel in London, cements our position as Nigeria’s leading indigenous energy solutions provider. This strategic acquisition aligns with our commitment to driving Nigeria’s energy transition and bolstering our portfolio.
“We are excited about the growth opportunities this presents for Oando PLC, our shareholders, and the Nigerian energy sector.
“We look forward to leveraging the acquired assets to further our goal of providing efficient and sustainable energy solutions for all”, the statement reads
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