Eni and Oando PLC, the main Nigerian energy company listed on both the Nigeria Stock Exchange and in Johannesburg, have signed an agreement for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), a wholly owned subsidiary of Eni and active in Nigeria in the exploration and production of onshore hydrocarbons and in the generation of electricity.
In Nigeria NAOC Ltd holds corporate interests in 4 onshore blocks (OML 60, 61, 62, 63) operated on behalf of NAOC JV (operator NAOC Ltd 20%, Oando 20%, NNPC E&P Limited 60%), at Okpai Power Stations 1 and 2 (with an installed capacity of 960MW), and in two onshore exploration licenses (OPL 282 and OPL 135, respectively 90% and 48%), of which it is also operator.
The share that NAOC Ltd holds in SPDC JV (Shell Production Development Company Joint Venture – Shell operator 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) does not fall within the scope of the transaction and will remain in Eni's portfolio.
Following the completion of the transaction with Oando PLC, Eni will continue to be present in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR), confirming the company's commitment to the health and safety of its people and for the environment. Eni will continue activities in the country focusing on the offshore assets operated. Eni will also maintain in its portfolio the shares held in assets operated by third parties, both offshore and onshore, and in Nigeria LNG.
The operation is in line with Eni's 2023-2026 Plan. Upstream will complement core organic growth with high-profile portfolio assets, adding value-enhancing assets while divesting assets that offer greater value and opportunity to new owners.
The closing of the transaction is subject, inter alia, to the authorization of all competent local and regulatory authorities.