Skip to main content

Eni agrees to sell onshore upstream affiliate in Nigeria to Oando

Eni has signed an agreement with the Nigerian energy group Oando for the sale of Nigerian Agip Oil Company (NAOC), its wholly-owned subsidiary focusing on onshore oil and gas exploration and production in Nigeria, as well as power generation. The closing of this transaction is subject to the authorisation of all relevant local and regulatory authorities.

NAOC is present with interests in Nigeria across 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV (operator NAOC 20%, Oando 20%, NNPC 60%), in the Okpai 1 and 2 power plants (with a total nameplate capacity of 960 MW), and in two onshore exploration leases (OPL 282 and OPL 135, respectively 90% and 48%) for which it also holds operatorship. In 2020, the company accounted for 5% of Nigeria’s oil production and around 11% of its gas production.

NAOC participating interest in SPDC JV (Shell Production Development Company Joint Venture - operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the scope of the transaction and will be retained in Eni’s portfolio.

Following the transaction completion with Oando, Eni will continue to operate in the country focusing on operated offshore activities through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR). Participations in operated-by-others assets, both onshore and offshore, and Nigeria LNG will remain in Eni portfolio too.