Oando PLC has completed its $783 million acquisition of Nigerian Agip Oil Company (NAOC), Eni’s Nigerian subsidiary, marking a significant milestone in Nigeria’s energy sector.
The acquisition, finalized in London, increases Oando’s stake in key Oil Mining Leases and Joint Venture assets, doubling its production reserves to 1 billion barrels of oil equivalent.
This move reflects the growing influence of indigenous companies in Nigeria’s oil industry.
Wale Tinubu, Oando’s Group Chief Executive, described the acquisition as a triumph for local energy firms and a step towards redefining their role in the sector.
The deal comes amid a broader trend of international oil companies divesting from Nigeria’s onshore and shallow water assets due to declining production and operational risks, offering new opportunities for local players to expand and modernize the industry.
The successful acquisition of NAOC by Oando is expected to encourage further asset divestments by international companies, paving the way for other indigenous firms like Seplat Energy and Renaissance Consortium to enhance local content and drive growth in Nigeria’s oil and gas sector.