Emmanuel Addeh in Abuja
Nigerian company, Oando, is set to acquire Nigerian Agip Oil Company (NAOC), a unit of Italian energy group Eni, after a deal was signed to that effect.
NAOC has interests in four onshore blocks and two onshore exploration leases in Nigeria, Eni said, without providing the financial details of the accord. The agreement is subject to regulatory approval.
The Group Chief Executive of Oando, Wale Tinubu, who also confirmed the information on his verified X/Twitter handle, noted that agreement underscored the role indigenous actors will play in the future of the Nigerian upstream sector.
“The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimise resource allocation and significantly increase production.
“Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising and efficiently developing reserves,” he added.