Oando completes $783 million Agip acquisition deal

Oando PLC has announced the successful acquisition of Eni’s Nigerian subsidiary, Nigerian Agip Oil Company .

The transaction increases Oando’s current participating interests in OMLs 60, 61, 62 and 63 from 20 per cent to 40 per cent and increases Oando’s ownership stake in the JV assets and infrastructure which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately 40 identified prospects and leads, 12 production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases one and two...

Speaking in an interview with S & P Global Commodity Insights, Executive Director, Oando PLC and Chief Operating Officer, Oando Energy Resources, Dr Ainojie Irune, suggested that indigenous companies are well placed to rejuvenate the sector. These divestment deals are expected to bring in fresh capital, technology, and expertise, which will help to increase oil production, reduce carbon emissions, and create new opportunities for Nigerians in the industry. Indigenous companies possess a distinct advantage in terms of local knowledge, operational flexibility, and community relations. When coupled with global best practices, this advantage offers unparalleled opportunities to optimize value creation within the sector.

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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Oando completes $783 million purchase of Nigerian Agip Oil CompanyOando, 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.
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Oando Plc completes $783m acquisition of Eni’s subsidiary, Nigerian Agip Oil CompanyThis acquisition is a significant milestone in Oando's long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector
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