Italian energy giant Eni has received approval from the Nigerian Upstream Petroleum Regulatory Commission to sell its Nigerian Agip Oil Company (NAOC) to OANDO, Nigeria's leading energy company. This move marks a significant shift in Eni's presence in the country.
NAOC, which specializes in onshore oil and gas exploration and production, as well as power generation, will be fully transferred to OANDO.
However, Eni's stake in the Shell Production Development Company JV (SPDC) will remain within its portfolio.
Despite this divestment, Eni has stated its continued commitment to Nigeria through investments in deepwater projects and the Nigeria LNG project.