Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports
    • Petrol Tanker Explodes In Ibadan
    • Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer
    • The Constitution Debate: Same Old Wine In New Bottles – By Jonathan Nda-Isaiah
    • WAFCON: Nigeria Trounce Zambia 5-0, Soar Into Semi-Final
    • Manchester United Agree £65m Deal To Sign Brentford’s Mbeumo
    • Palestinian Child Shot Dead In West Bank By Israeli Forces Amid Land Grabs
    • Brazil’s Supreme Court Says Ex-President, Bolsonaro Must Wear Monitoring Device
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports

      July 19, 2025

      Petrol Tanker Explodes In Ibadan

      July 19, 2025

      Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer

      July 19, 2025

      ‘I Cannot Guarantee Your Safety’, Edo Governor Warns Peter Obi Over Unannounced Visits

      July 18, 2025

      In Kano, Tinubu Mourns Dantata, Hails His Integrity, Lifelong Philanthropy

      July 18, 2025
    • COLUMN

      The Constitution Debate: Same Old Wine In New Bottles – By Jonathan Nda-Isaiah

      July 19, 2025

      Musings On Muhammadu Buhari – By Azu Ishiekwene

      July 17, 2025

      Today, We Give Way To Our Readers To React – By Dr Hassan Gimba

      July 14, 2025

      Is The World Shutting Its Door To Nigeria? – By Dr Dakuku Peterside

      July 14, 2025

      The Salvo From Boss Mustapha – By Kazeem Akintunde

      July 14, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      Palestinian Child Shot Dead In West Bank By Israeli Forces Amid Land Grabs

      July 19, 2025

      Brazil’s Supreme Court Says Ex-President, Bolsonaro Must Wear Monitoring Device

      July 19, 2025

      Israel Kills Three In Gaza Catholic Church Sheltering Elderly, Children

      July 17, 2025

      Iraq Shopping Mall Fire Kills Over 60 Persons, Mostly Women, Children

      July 17, 2025

      Three Killed As Israel Bombs Syrian Defence Ministry, Near Presidential Palace

      July 16, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      WAFCON: Nigeria Trounce Zambia 5-0, Soar Into Semi-Final

      July 19, 2025

      Manchester United Agree £65m Deal To Sign Brentford’s Mbeumo

      July 19, 2025

      Liverpool Close In On Bundesliga Star, Ekitike In £70m-Plus Deal

      July 17, 2025

      Super Falcons, Zambia Clash Friday In WAFCON Quarter-Final

      July 16, 2025

      Real Madrid’s Bellingham To Miss 12 Weeks After Shoulder Surgery

      July 16, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - Oando Plc Completes $783m Acquisition of Nigerian Agip Oil Company

    Oando Plc Completes $783m Acquisition of Nigerian Agip Oil Company

    By Abimbola DanielsAugust 22, 2024
    OandO Agip

    OANDO Plc has completed the acquisition of Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), for $783m.

    The company announced this on Thursday in a statement by its Chief Compliance Officer and Company Secretary, Ayotola Jagun.

    The deal sees Oando, which is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, take ownership of 100 percent of the shareholding interest in NAOC from Italian energy company, Eni.

    UBA

    For Oando, a leading energy solutions provider in Nigeria, the acquisition “is a significant milestone” in its long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.

    Based on the statement, the acquisition increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20 percent to 40 percent.

    WIDGET ADS

    It also increases Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the KwaleOkpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.

    “Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98 percent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe,” Oando said.

    Thomas Sankara African Leadership Prize

    The transaction is immediately cash-generative and is expected to contribute significantly to the company’s cashflows.

    “Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio,” Group Chief Executive Officer, Oando Plc, Wale Tinubu, said.

    Nigerian TAX Reform - Federal Goverment

    “It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution.

    “With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential, advancing production, and contributing to our strategic objectives. This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.

    “Looking to the future, we will continue to pursue strategic diversification opportunities within the broader energy sector that provide enhanced growth and value creation for our stakeholders, particularly in clean energy, agri-feedstock sector, as well as energy infrastructure and mining.”

    National Orientation Agency Page UP
    National Orientation Agency - Down

    Acquisition AGIP OandO
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports

    July 19, 2025

    Petrol Tanker Explodes In Ibadan

    July 19, 2025

    Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer

    July 19, 2025

    ‘I Cannot Guarantee Your Safety’, Edo Governor Warns Peter Obi Over Unannounced Visits

    July 18, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports

    July 19, 2025

    Petrol Tanker Explodes In Ibadan

    July 19, 2025

    Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer

    July 19, 2025

    The Constitution Debate: Same Old Wine In New Bottles – By Jonathan Nda-Isaiah

    July 19, 2025

    WAFCON: Nigeria Trounce Zambia 5-0, Soar Into Semi-Final

    July 19, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp