The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has granted Eni formal consent to proceed with the sale of NAOC Ltd to Oando Plc.
This is achieved after obtaining all necessary local and
regulatory approvals, paves the way for Eni to finalize the transaction. The
sale involves the transfer of Nigerian Agip Oil Company Ltd (NAOC Ltd), a
wholly-owned subsidiary of Eni focused on onshore oil and gas exploration,
production, and power generation in Nigeria, to Oando PLC, a leading national
energy solutions provider listed on both the Nigerian and Johannesburg Stock
Exchanges.
The NAOC Ltd's stake in the SPDC JV (Shell Production
Development Company Joint Venture – with Shell as the operator holding 30%,
TotalEnergies 10%, NAOC 5%, and NNPC 55%) is not part of the transaction scope
and will continue to be owned by Eni. Eni remains dedicated to the country by
investing in deepwater projects and Nigeria LNG.
Additionally, the company is working on plans for economic
diversification in Nigeria, which includes evaluating the potential production
of agri-feedstock for Enilive biorefineries and various nature- and
technology-based projects, such as clean cooking initiatives, to counterbalance
emissions. Eni has been active in Nigeria since 1962, involved in hydrocarbon
exploration and production, as well as power generation.
At present, Eni has a significant portfolio of assets in
exploration and production, with an equity production of around 40,000 barrels
of oil equivalent per day net of NAOC's contribution. Eni also has a 10.4%
stake in Nigeria LNG.