(CercleFinance.com) – Eni announces the signing of an agreement with Oando PLC – Nigeria’s leading indigenous energy solutions provider – for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), a wholly owned subsidiary of Eni and focused on onshore oil and gas exploration and production in Nigeria, as well as power generation.
NAOC Ltd is present in Nigeria with interests in 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV (operator NAOC Ltd 20%, Oando 20%, NNPC E&P Limited 60% ), in the power plants of Okpai 1 and 2 (with a total nominal capacity of 960 MW), as well as in two land exploration concessions (OPL 282 and OPL 135, respectively 90% and 48%) of which it holds also operation.
NAOC Ltd’s stake in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the scope of the transaction and will be retained in the portfolio from Eni.
After the closing of the transaction with Oando PLC, Eni will maintain its presence in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR).
Eni specifies that this transaction is in line with the Eni 2023-2026 plan.
The closing of this transaction is subject to, among other things, the approval of all relevant local and regulatory authorities.
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