Eni In Deal To Sell Nigerian Unit NAOC Ltd To Oando

(RTTNews) - Italian oil and gas company Eni SpA (E) announced Monday that it has signed an agreement for the sale of its unit Nigerian Agip Oil Co Ltd or NAOC Ltd, to Oando PLC, a Nigerian energy solutions provider.

The closing of the transaction is subject to, inter alia, the authorization of all relevant local and regulatory authorities.

The company said the transaction is consistent with its 2023-2026 Plan.

NAOC Ltd is present with interests in Nigeria across 4 onshore blocks, which it operates on behalf of NAOC JV, in the Okpai 1 and 2 power plants, and in two onshore exploration leases for which it also holds operatorship.

Meanwhile, NAOC Ltd participating interest in Shell Production Development Co. Joint Venture or SPDC JV is not included in the perimeter of the transaction and will be retained in Eni's portfolio. SPDC JV's operator is Shell with 30% stake, while TotalEnergies holds 10%, NAOC 5%, and NNPC 55%.

Following the deal closure with Oando PLC, Eni will maintain its presence in Nigeria through Nigerian Agip Exploration or NAE and Agip Energy and Natural Resources or AENR

Nigeria LNG also will remain in Eni portfolio too.