https://en.sputniknews.africa/20240823/oando-acquires-nigerian-agip-oil-from-italias-eni-in-783-million-deal-1067991094.html
Oando Acquires Nigerian Agip Oil from Italia's Eni in $783 Million Deal
Oando Acquires Nigerian Agip Oil from Italia's Eni in $783 Million Deal
Sputnik Africa
Nigeria has one of the largest oil reserves in Africa, estimated at around 37 billion barrels. These reserves are primarily located in the Niger Delta region... 23.08.2024, Sputnik Africa
2024-08-23T18:57+0200
2024-08-23T18:57+0200
2024-08-23T19:02+0200
sub-saharan africa
nigeria
oil
mining
west africa
acquisition
policy
domestic policy
gas
liquefied natural gas (lng)
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Nigerian oil firm Oando has acquired a 100% stake in the Nigerian Agip Oil Company from Italian energy giant Eni for $783 million. This acquisition significantly boosts Oando's participating interest in key oil mining leases 60, 61, 62, and 63 from 20% to 40%, according to reports.The acquisition is expected to be immediately cash-generative, providing a substantial boost to Oando's revenue and cash flow. Group Chief Executive of Oando, Wale Tinubu, highlighted that the acquisition marks the culmination of a decade-long effort, significantly strengthening Oando's position in Nigeria's upstream sector and promoting sustainable practices in host communities.Oando is a "leading integrated energy solutions provider" in Nigeria. The company operates in the upstream, midstream, and downstream sectors of the oil and gas industry. Oando's services range from exploration and production to supply and trading, as well as marketing and distribution of refined products. It is one of Nigeria's largest indigenous energy companies and has a significant presence in several African countries.
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nigeria, oil, mining, west africa, acquisition, policy, domestic policy, gas, liquefied natural gas (lng), industry, energy
nigeria, oil, mining, west africa, acquisition, policy, domestic policy, gas, liquefied natural gas (lng), industry, energy
Oando Acquires Nigerian Agip Oil from Italia's Eni in $783 Million Deal
18:57 23.08.2024 (Updated: 19:02 23.08.2024) Nigeria has one of the largest oil reserves in Africa, estimated at around 37 billion barrels. These reserves are primarily located in the Niger Delta region and offshore areas. The oil sector is crucial to Nigeria's economy, providing a significant portion of the government's revenue and exports.
Nigerian oil firm Oando
has acquired a 100% stake in the Nigerian Agip Oil Company from Italian energy giant Eni for $783 million.
This acquisition significantly boosts Oando's participating interest in key oil mining leases 60, 61, 62, and 63 from 20% to 40%, according to reports.
The acquisition is expected to be immediately cash-generative, providing a substantial boost to Oando's revenue and cash flow. Group Chief Executive of Oando, Wale Tinubu, highlighted that the acquisition marks the culmination of a decade-long effort,
significantly strengthening Oando's position in Nigeria's upstream sector and promoting sustainable practices in host communities.
“This is a major win for Oando and the entire indigenous energy sector. With full control of these assets, we are in a stronger position to drive Nigeria’s upstream growth while ensuring sustainable practices in our host communities,” Tinubu was quoted by the media as saying.
Oando is a "leading integrated energy solutions provider" in Nigeria. The company operates in the upstream, midstream, and downstream sectors of the oil and gas industry. Oando's services range from exploration and production to supply and
trading, as well as marketing and distribution of refined products. It is one of Nigeria's largest indigenous energy companies and has a significant presence in several African countries.
