Oando Plc has completed the acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for $783 million. The deal, finalized on Thursday, significantly strengthens Oando’s position in Nigeria’s oil and gas sector.
With this acquisition, Oando now fully owns NAOC and increases its participating interest in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40%.
This acquisition also gives Oando operational control over several assets, including 40 discovered oil and gas fields, 12 production stations, and 1,490 kilometers of pipelines.
The transaction is expected to nearly double Oando’s total reserves from 505.6 million barrels of oil equivalent (MMboe) to 1 billion barrels of oil equivalent (Bnboe). It will also contribute significantly to the company’s cash flows, making it immediately cash-generative.
Oando’s Group Chief Executive Officer, Wale Tinubu, expressed that the acquisition marks a significant milestone for the company and the broader indigenous energy industry. He emphasized that the acquisition aligns with Oando’s long-term strategy and ambition to expand its upstream operations, a journey that began with the 2014 acquisition of ConocoPhillips’ Nigerian portfolio.
Tinubu further stated that Oando’s focus will be on optimizing the acquired assets while ensuring responsible practices and sustainable development in host communities.
The acquisition also positions Oando to explore future growth opportunities in clean energy, energy infrastructure, agri-feedstock, and mining, in line with Nigeria’s broader energy goals.