Oando Completes Acquisition of Agip Oil for $783 Million

Oando PLC has fortified its place within the Nigerian oil and gasoline market with the whole acquisition of the Nigerian Agip Oil Firm (NAOC) from Italian vitality behemoth Eni, at a valuation of $783 million.

This strategic transfer is about to broaden Oando’s operational attain and solidify its affect within the aggressive vitality sector.

Particulars of the acquisition:

• The acquisition marks a big enlargement for Oando, enhancing its manufacturing capabilities and affirming its position as a key participant in Nigeria’s vitality panorama.

• With the blessing of the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), the transaction aligns with nationwide trade requirements, guaranteeing compliance and clean integration.

• Oando has doubled its stake in important Oil Mining Leases (OMLs) 60, 61, 62, and 63, from 20% to 40%, broadening its asset base considerably.

• The deal consists of roughly 1,490 km of pipelines, three gasoline processing crops, the Brass River Oil Terminal, and the Kwale-Okpai energy crops, boasting a capability of 960MW.

• Submit-acquisition, Oando’s complete oil reserves surged by almost 98% to over 1 billion barrels, based on latest estimates, bolstering its useful resource stock.

• The acquisition is poised to boost Oando’s money flows instantly, strengthening its monetary framework and enabling additional investments.

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Wale Tinubu, Group Chief Govt of Oando PLC, views this acquisition because the fruits of a strategic enlargement that started with the acquisition of ConocoPhillips’ Nigerian property in 2014.

Tinubu said, “This can be a win for Oando and each indigenous vitality participant as we take our future in our fingers and play a pivotal position within the subsequent section of Nigeria’s upstream evolution.”

He additional emphasised the corporate’s dedication to accountable vitality practices and sustainable improvement, aiming to optimise the newly acquired property whereas boosting Nigeria’s oil manufacturing capacities.