Milan, Italy – July 24th, 2024 – Italian oil and gas giant Eni announced on Tuesday that it has received final approval from Nigerian authorities to sell its Nigerian Agip Oil Company (NAOC) subsidiary to Oando, Nigeria’s leading energy solutions provider.
NAOC focuses on onshore oil and gas exploration, production, and power generation within Nigeria, according to a statement released by Eni. The sale excludes NAOC’s existing 5% stake in the Shell Production Development Company Joint Venture. Eni will retain this stake alongside partners Shell (30%), TotalEnergies (10%), and the Nigerian National Petroleum Corporation (NNPC, 55%).
“This approval allows Eni to proceed with the completion of the transaction,” the statement reads. Eni further emphasizes its commitment to Nigeria through continued investments in deepwater projects and the Nigeria LNG venture.
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