Oando Plc said it has completed the acquisition of 100% shareholding interest in the Nigerian Agip Oil Company (NAOC) from Eni for a total consideration of $783 million, including consideration for the asset and reimbursement.
The deal was announced in a statement signed by Oando’s chief compliance officer and company secretary, Ayotola Jagun, and released on the Nigerian Exchange (NGX) Limited on Thursday, August 22, 2024.
According to the statement, the deal with AGIP will increase Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%
Part of the statement reads:
It added that based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe, and the transaction will deliver a 98% increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe; and the transaction is immediately cash-generative and will contribute significantly to the cash flows of the company
Wale Tinubu, the Group Chief Executive of Oando Plc, expressed excitement about the deal and outlined plans for the future.
He said:
According to Tinubu, with our assumption of the operator role, our immediate focus is optimising the assets’ immense potential, advancing production and contributing to our strategic objectives.
Looking to the future, Oando CEO assured:
TimesNow.com.ng reported that with its $860 million sale and purchase agreement (SPA) with Chappal Energies, TotalEnergies declared that it would not be leaving the Niger Delta.
This occurred after TotalEnergies EP Nigeria, a subsidiary of the parent business, signed a SPA with Chappal Energies to sell its 10% stake in the SPDC JV licenses in Nigeria.
Dr. Charles Ebereonwu, country communication manager of TotalEnergies in Nigeria, stated that the company is staying in the Niger Delta despite the $860 million SPA deal with Chappal Energies.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
