Eni sells onshore Nigeria assets to local company
(WO) – Eni announced the signing of an agreement with Oando PLC - Nigeria’s indigenous energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange - for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), a wholly Eni-owned subsidiary focusing on onshore oil and gas exploration and production in Nigeria.
NAOC Ltd is present with interests in Nigeria across 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV, and in two onshore exploration leases (OPL 282 and OPL 135), for which it also holds operatorship.
NAOC Ltd.’s participating interest in SPDC JV (Shell Production Development Company Joint Venture) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.
Following the transaction completion with Oando PLC, Eni will maintain its presence in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR). Eni continues to operate in the country, focusing on operated offshore activities. Participations in operated-by-others assets, both onshore and offshore, and Nigeria LNG will remain in Eni portfolio too.
The transaction is consistent with Eni’s 2023-2026 plan. The upstream will supplement the core, organically-led growth with inorganic high-grading activity, adding resources with incremental value while divesting resources that can offer greater value and opportunities to new owners.