Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC, an affiliate of the Italian group focusing on onshore oil and gas exploration and production as well as power generation, to Oando, a Nigerian energy company listed on both the Nigerian and Johannesburg Stock Exchange. Following Eni’s receipt of consent, both parties can proceed with the completion of the transaction. 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 perimeter of the transaction and will remain in Eni’s portfolio.
NAOC, which accounted for 2% of Nigeria’s oil output in 2021 and 13% of the country’s gas production, is the operator of four onshore mining leases (OML 60, OML 61, OML 62 and OML 63), and two onshore exploratory leases (OPL 282 and OPL 135), in a joint venture (JV) with a 20% stake. Other partners in the JV comprises the Nigerian Government (60%), represented by the Nigerian Petroleum Development Company (NPDC) and Oando (20%). Eni will continue to operate in Nigeria through Agip Energy and Natural Resources (AENR) and Nigerian Agip Exploration (NAE), concentrating in the shallow water and deep offshore areas respectively.