Nigeria Oando Completes $783M Purchase of Nigerian Agip Oil Company from Eni

Oando Plc has acquired the Nigerian Agip Oil Company from Eni for $783 million, doubling its stake in key oil blocks and increasing its total reserves to over one billion barrels. This strategic move strengthens Oando's position in Nigeria's oil and gas sector and boosts its revenue potential.

Oando Plc, a prominent Nigerian energy firm, has finalized the acquisition of the Nigerian Agip Oil Company (NAOC) from Eni, an Italian multinational, for $783 million. This strategic purchase significantly enhances Oando's footprint in Nigeria’s oil and gas industry, doubling its stake in key oil blocks to 40%.

The acquisition includes an extensive portfolio of assets, such as 40 oil and gas fields—24 of which are actively producing—along with 12 production stations, approximately 1,500 kilometers of pipelines, and three gas processing plants. With this transaction, Oando’s total oil reserves now exceed one billion barrels, nearly doubling its previous reserve estimates and substantially boosting its revenue potential.

Wale Tinubu, Oando's Group Chief Executive Officer, emphasized that this acquisition is a crucial step in the company’s long-term strategy to expand its upstream operations. He noted that this move positions Oando as a significant player in the Nigerian energy sector and aligns with its broader goals of sustainable development and energy diversification.

The deal also marks a significant milestone for Oando as it assumes operational control of these assets, with a focus on optimizing production and contributing to Nigeria’s energy ambitions. This acquisition underscores Oando's commitment to growth and value creation in the energy sector, while also supporting the company’s initiatives in clean energy and infrastructure development.