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Oando completes 100% acquisition of NAOC for $783m

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Oando Plc

Oando Plc has completed the acquisition of 100 per cent shareholding interest in the Nigerian Agip Oil Company (NAOC) from

Oando Plc has completed the acquisition of 100 per cent shareholding interest in the Nigerian Agip Oil Company from the Italian energy company, Eni, for US$783m.Oando Plc has completed the acquisition of 100 per cent shareholding interest in the Nigerian Agip Oil Company from the Italian energy company, Eni, for US$783m.

“Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98 per cent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe. “This we will do while prioritising responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.

The United States government on Friday said that it was not planning the establishment of any military base in Nigeria. Maj.-Gen. Kenneth Ekman, U.S. Africa Command , West Africa Coordination Element Lead, Department of Defence, made this known during a media roundtable with select journalists in Abuja. The News Agency of Nigeria reports that…

The Comptroller General of Nigeria Immigration Service , Kemi Nandap, has urged Border Commanders to up their ante and beef up security at gateways. The Immigration boss who met with Comptrollers of Border Commands and Commanders at the Service Headquarters, Abuja, had expressed displeasure over the high level of unmanned areas in all Nigerian borders.…

 

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