Oando PLC has finally completed its acquisition of the Nigerian Agip Oil Company, NAOC, from Italian energy giant Eni for a total of $783 million.
This was confirmed by the company’s press release that the agreement has been signed and the deal completed, representing a significant milestone in Oando’s long -term strategy.
The transaction includes reimbursement and consideration for asset.
The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational footprint and expanding its upstream capabilities.
Oando PLC is one of Africa’s largest integrated energy solution provider and Nigeria’s indigenous oil and gas company, with a production output of 43,000 barrels (6,800 cubic metres) per day of oil equivalent.
-9News Nigeria.
