Oando completes $783 million purchase of Nigerian Agip Oil Company

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Oando, which is listed in Lagos as well as in Johannesburg, considers the acquisition as a cornerstone of its long-term strategy to scale its upstream operations and beef up its position in the Nigerian oil & gas industry. The energy company will also take ownership of three gas-processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1&2 power plants and associated infrastructure.

The company stated that the transaction is instantly cash-generative and is upbeat which would boost its cash flows considerably. ExxonMobil is also on course to conclude the transaction of selling its shallow-water oil assets to Seplat, a deal in the neighbourhood of $1.3 billion.

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