The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that Oando PLC has finalized the acquisition of 100% of Nigerian Agip Oil Company Limited (NAOC Ltd) shares from ENI. NUPRC Chief Executive, Engineer Gbenga Komolafe, announced this at the ongoing Oil and Gas Energy Week in Abuja, highlighting that the signing ceremony will occur soon. This acquisition increases Oando's stake in key oil mining leases (OMLs 60, 61, 62, and 63) from 20% to 40%.
In addition to the Oando-NAOC deal, the NUPRC also provided updates on other major acquisitions:
- The deal between Equinor and Project Odinmim is complete, with the signing ceremony pending.
- The Shell Petroleum Development Company of Nigeria Limited (SPDC) and Renaissance Consortium deal is undergoing due diligence.
- Seplat Energy's proposed takeover of ExxonMobil Nigeria’s offshore shallow water operations is awaiting ministerial consent.
Komolafe emphasized the importance of regulatory compliance and due diligence to ensure national interests and smooth divestment processes in Nigeria.
In addition to the Oando-NAOC deal, the NUPRC also provided updates on other major acquisitions:
- The deal between Equinor and Project Odinmim is complete, with the signing ceremony pending.
- The Shell Petroleum Development Company of Nigeria Limited (SPDC) and Renaissance Consortium deal is undergoing due diligence.
- Seplat Energy's proposed takeover of ExxonMobil Nigeria’s offshore shallow water operations is awaiting ministerial consent.
Komolafe emphasized the importance of regulatory compliance and due diligence to ensure national interests and smooth divestment processes in Nigeria.