Nigerian energy company Oando is set to acquire the Nigerian Agip Oil Company (NAOC), a subsidiary of Italian energy group Eni, in a deal that is subject to regulatory approval. NAOC has interests in four onshore blocks, two onshore exploration leases, two power plants, and a participating interest in Shell Production Development Company (SPDC) Joint Venture of 5%, which is not included in the transaction.
The sale is expected to nearly double Oando’s reserves to 996 million barrels of oil equivalent. Oando currently holds a 20% participating interest in OMLs 60, 61, 62, and 63, which will increase to 40% as part of the deal.
