Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of its Nigerian onshore wing Nigerian Agip Oil Company (NAOC) to Oando Plc
Having already obtained all other relevant local and regulatory authorities’ authorisations, this move will allow Eni to proceed to the completion of the transaction for the sale of the onshore-focused NAOC that is also involved in Nigeria's power generation industry, to energy company Oando.
The transaction is in line with Eni's 2023-2026 Plan, whereby the upstream will supplement the core organically led growth with inorganic high-grading activity, adding resources with incremental value while divesting resources that can offer greater value and opportunities to new owners.
NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture - operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.
Deepwater and LNG focus
Eni will devote its Nigerian focus to deepwater projects and 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.
Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation. Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution. Eni also holds a 10.4% interest in Nigeria LNG.
Oando to acquire Eni's Nigerian onshore wing, NAOC
The onshore-focused NAOC is also involved in Nigeria's power generation industry. (Image source: Adobe Stock)
