Nigerian multinational energy company Oando Plc has acquired 100% of the shares of the Nigerian Agip Oil Company (NAOC) from Italian energy firm Eni. The transaction, valued at $783 million, aligns with Oando’s strategy to strengthen its upstream operations in Nigeria’s oil and gas industry.

The newly acquired assets include 40 oil and gas fields, with 24 currently producing, along with 1,490 kilometers of pipelines, 12 production stations, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai power plants (with a combined capacity of 960 MW).

Oando’s total reserves have surged by 98%, from 505.6 million barrels of oil equivalent to an impressive one billion barrels of oil equivalent, based on 2022 estimates.

The deal is expected to be immediately cash-generative, providing a substantial boost to Oando’s revenue and cash flow.

Wale Tinubu, Group Chief Executive of Oando, described this acquisition as the culmination of a decade-long journey. He emphasized the company’s commitment to sustainable practices in host communities while maximizing the potential of the acquired assets.

This landmark acquisition positions Oando as a major player in Nigeria’s energy sector, driving upstream growth and contributing to the nation’s energy security. The Nigerian Upstream Petroleum Regulatory Commission recently approved the sale, marking a significant milestone for both Oando and the indigenous energy sector.