Eni Gets Approval to Sell Agip Unit to Oando

Eni has received formal approval from the Nigerian Upstream Petroleum Regulatory Commission to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando, one of Nigeria’s leading energy companies. This announcement was made by the Italian group on Tuesday.

NAOC is involved in onshore oil and gas exploration and production, as well as power generation. In a statement, Eni highlighted the significance of this transaction for both companies and the broader Nigerian energy sector.

It is important to note that NAOC’s stake in the Shell Production Development Company JV (comprising Shell as the operator with 30%, TotalEnergies with 10%, NAOC with 5%, and NNPC with 55%) was not included in this transaction and will remain part of Eni’s portfolio.

Despite this sale, Eni emphasized its continued commitment to Nigeria through ongoing investments in deepwater projects and the Nigeria LNG venture. This transaction marks a significant step in Eni’s strategic portfolio optimization, while Oando stands to enhance its footprint in Nigeria’s onshore oil and gas sector.

Source: Reuters