Welligence Nigeria M&A – Oando consolidates onshore, buys out Eni from NAOC JV

September 7, 2023

On 4 September 2023, Oando announced the acquisition of Eni’s wholly-owned Nigerian subsidiary, Nigerian Agip Oil Company Ltd (NAOC), for an undisclosed consideration. NAOC has a 20% operating interest in the NAOC JV (NAOC (20%), Oando (20%) and NNPC Limited (60%)) which covers four onshore blocks – OMLs 60, 61, 62, 63. It also holds a non-op 5% stake in the SPDC JV, and operated stakes in two onshore exploration blocks, OPL 282 (90%) and OPL 135 (48%), as well as interests in midstream infrastructure including three gas processing plants, the 960 MW Kwale-Okpai power plants, the Brass River oil terminal and related infrastructure. The deal will see Oando acquire all these assets except NAOC’s interests in the SPDC JV, which Eni will retain.