ENI GETS APPROVAL TO SELL AGIP TO OANDO
- Approval Received: Eni has obtained approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its subsidiary, Nigerian Agip Oil Company (NAOC), to Oando PLC.
- Transaction Details: The sale includes NAOC’s focus on onshore oil and gas exploration, production, and power generation. However, NAOC’s 5% stake in the Shell Production Development Company Joint Venture is excluded from the deal and will remain with Eni.
- Oando Acquisition: Oando’s plans to acquire NAOC, announced in September 2023, were delayed due to regulatory approvals. As of July 3, 2024, the NUPRC confirmed that Oando had completed the acquisition of 100% of Eni's shares in NAOC.
- Regulatory Authorizations: Eni has secured all necessary local and regulatory approvals for the transaction, which will now proceed.
- Eni's Commitment: Despite the sale, Eni will continue its investments in Nigeria, focusing on deepwater projects and Nigeria LNG.
- Approval Received: Eni has obtained approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its subsidiary, Nigerian Agip Oil Company (NAOC), to Oando PLC.
- Transaction Details: The sale includes NAOC’s focus on onshore oil and gas exploration, production, and power generation. However, NAOC’s 5% stake in the Shell Production Development Company Joint Venture is excluded from the deal and will remain with Eni.
- Oando Acquisition: Oando’s plans to acquire NAOC, announced in September 2023, were delayed due to regulatory approvals. As of July 3, 2024, the NUPRC confirmed that Oando had completed the acquisition of 100% of Eni's shares in NAOC.
- Regulatory Authorizations: Eni has secured all necessary local and regulatory approvals for the transaction, which will now proceed.
- Eni's Commitment: Despite the sale, Eni will continue its investments in Nigeria, focusing on deepwater projects and Nigeria LNG.