Nigerian Oando PLC acquired Eni's Nigerian Agip Oil Company for $783m, expanding its upstream operations and reserves.

Nigerian energy company Oando PLC has completed a $783m acquisition of Italian energy firm Eni's Nigerian Agip Oil Company (NAOC) to expand its upstream operations and strengthen its presence in the Nigerian oil and gas sector. The deal will increase Oando's participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%, bringing its total reserves to 1.0 billion barrels of oil equivalent (boe).

August 22, 2024
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