FG approves 100% sale of NAOC shares to Oando

Nigerian Upstream Petroleum Regulatory Commission has approved Eni’s Sale of Nigerian Agip Oil Company NAOC to OANDO.

On Tuesday, July 23, the Italian group made the announcement.

Group Chief Executive of Oando Plc, Wale Tinubu, stated; “We are delighted that Eni has received the government’s approval to proceed with the completion of this strategic transaction”.

“We extend our gratitude to the Honourable Minister of Petroleum Resources and the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their concerted efforts in ensuring the execution of the grant of consent under the novel and robust divestment framework established by the recently enacted Petroleum Industry Act.”

It was reported that Oando Plc has disclosed that an agreement has been struck with Integrated Energy Company, Eni, regarding the acquisition of a 100% share in its subsidiary, Nigerian Agip Oil Company Limited (NAOC Ltd).

According to a statement posted on Nigeria stock exchange, the transaction completions is subject to ministerial clearance and other necessary regulatory approvals.

This is coming after Oando Plc reported a net profit of N34.7 billion for the 2021 fiscal year. The positive outcome marks a significant recovery from the N140.7 billion loss after tax recorded in the previous year.

Thediscovererng.com reported that with its $860 million sale and purchase agreement (SPA) with Chappal Energies, TotalEnergies declared that it would not be departing the Niger Delta.

This occurred after TotalEnergies EP Nigeria, a subsidiary of the parent business, signed a SPA with Chappal Energies to sell its 10% stake in the SPDC JV licenses in Nigeria. Dr. Charles Ebereonwu, country communication manager of TotalEnergies in Nigeria, stated that the company is staying in the Niger Delta despite the $860 million SPA deal with Chappal Energies.