Nigerian energy company, Oando Plc, has agreed to buy all of the shares of Eni, an Italian oil and gas company, including Nigerian Agip Oil Corporation Limited.
The completion of the transaction is contingent upon ministerial clearance and other necessary regulatory approvals, according to a statement made on Monday and signed by the company secretary, Ayotola Jagun.
“The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and significantly increase production,”, the Group Chief Executive, Oando, Wale Tinubu, said.
He continued, “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.”
Oando’s present participating interests in OMLs 60, 61, 62, and 63 will increase from 20% to 40% as a result of this transaction.
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.
