Eni Completes Sale of NAOC to Oando
London, August 22, 2024, (Oilandgaspress) –– Eni announces the closing for the sale of its wholly owned subsidiary, Nigerian Agip Oil Company Ltd (“NAOC”), engaged in onshore oil & gas exploration and production in Nigeria, as well as power generation, to Oando PLC (“Oando”), Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange.
The transaction, which received the approval of all relevant authorities, is in line with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.
The 5% participating interest in SPDC (Shell Production Development Company Joint Venture) is not included in the transaction, as it will be retained in Eni’s portfolio. Eni will continue to be present in the Country through investment in deepwater projects and Nigeria LNG, while also exploring new opportunities related to agri-feedstock sector.
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