Italian Eni to Transfer Nigerian Agip Oil Business Shares to Oando Plc

Energy business Oando Plc and Italian company Eni have agreed that Oando Plc will buy all of Eni’s oil and gas arm, Nigerian Agip Oil business Limited’s shares.
The conclusion of the transaction is contingent to ministerial permission and other necessary regulatory approvals, claims a statement issued by the company secretary, Ayotola Jagun, on Monday.
Through this acquisition, Oando raises its current 20% to 40% participating interests in OMLs 60, 61, 62, and 63.
Oando owns a stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure, including the Brass River Oil Terminal, the Kwale-Okpai phases 1 and 2 power plants (with a combined nameplate capacity of 960MW), forty discovered oil and gas fields, 24 of which are currently producing, about forty identified prospects and leads, twelve production stations, roughly 1,490 km of pipelines, three gas processing plants, and associated infrastructure.
The Group Chief Executive of Oando, Wale Tinubu, commented on the deal, saying, “The synergies established by this acquisition will open unmatched prospects for us to re-align expectations, improve efficiency, optimise resource allocation, and considerably increase productivity.
“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.
“Having achieved this significant milestone, we look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for our local communities, stakeholders and shareholders.”

Source: Allnews Nigeria

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