Italian energy giant Eni has inked a deal to offload its Nigerian exploration and production subsidiary to local energy firm Oando.
The financial specifics of the transaction remain undisclosed.
The subsidiary in question, Nigerian Agip Oil Company, NAOC, is a key player in the Nigerian energy landscape, focusing primarily on onshore oil and gas operations and power generation.
NAOC holds interests in four onshore blocks, two onshore exploration leases, and manages two power plants within Nigeria.
It’s noteworthy that Eni will hold on to its 5% stake in the Shell Production Development Company, a joint venture with Shell.
Eni has made it clear that this move does not signal a full departure from the Nigerian energy sector.
The company intends to uphold its presence in Nigeria through Nigerian Agip Exploration and Agip Energy and Natural Resources.
In addition, Eni maintains involvement in onshore and offshore assets, albeit operated by other entities.
Completion of this transaction hinges on obtaining the requisite approvals from local and regulatory authorities, as per customary procedure.