Oando PLC, a prominent player in Nigeria’s energy sector, has successfully completed its acquisition of Nigerian Agip Oil Company Limited (NAOC Ltd) from Eni for $783 million. This landmark deal, finalised at a signing ceremony at The Peninsula Hotel in London, marks a significant milestone for Oando, boosting its estimated reserves by 98% to one billion barrels of oil equivalent.

Key Highlights:

• Acquisition of 40 discovered oil and gas fields, with 24 currently in production
• Extensive infrastructure, including production stations and gas processing plants
• Decade-long effort culminating in a win for Indigenous energy players
• Aligns with mission to become the first International Oil Company based in Africa

What this means:

• Increased local participation and control in the energy industry
• Potential for improved output and reduced oil theft and violence
• Enhanced capacity for sustainable energy solutions
• A step towards Nigeria’s and Africa's energy independence

Quote from Oando's Executive Director, Ainojie Alexander Irune (PhD):

"This is a win, not just for Oando, but for every indigenous energy player... We're not just solving Africa’s energy needs, but changing narratives and proving that Africa can define its own future."

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