Oando Plc, has announced agreement with Eni for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
Fresh Angle International, understands that Eni, is an integrated energy company actively supporting a just energy transition, with the objective of achieving Net-Zero carbon emissions by 2050 and promoting efficient and sustainable access to energy for all.
Oando, in a statement released on its X handle this afternoon, Monday September 4, noted: “Upon Completion, the Transaction will increase Oando's current participating interests in OMLS 60-63 from 20% to 40% and increase Oando's total 2P reserves from 503.3MMboe to 996.2MMboe, based on 2021 reserve estimates; a 98% Increase.”
The company, added: “Upon Completion the Transaction Will Grow Oando's exploration asset portfolio through the acquisition of 90% & 48% interest in OPL 282 interest in OPL 135, increases Oando's ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure.
“The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and significantly increase production. Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves.
“Today's announcement is not just an important milestone for the future of Oando; it brings to bear the important role indigenous actors will play in the future of the Nigerian upstream sector.”
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