Oando PLC Acquires Nigerian Agip Oil Company in Landmark $783 Million Deal, Doubling Oil Reserves

The African Energy Chamber (AEC) has endorsed this transformative $783 million transaction, emphasizing the increasing prominence of local exploration companies in reshaping Nigeria and Africa’s upstream oil and gas industry.

Nigerian energy company Oando PLC has successfully acquired 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from Italian multinational Eni, marking a significant milestone in the nation's energy sector. The African Energy Chamber (AEC) has endorsed this transformative $783 million transaction, emphasizing the increasing prominence of local exploration companies in reshaping Nigeria and Africa’s upstream oil and gas industry.

This acquisition significantly enhances Oando’s portfolio, increasing its participating interests in Oil Mining Licenses (OML) 60, 61, 62, and 63 from 20% to 40%. As a result, Oando's total reserves have nearly doubled, reaching one billion barrels of oil equivalent. The deal also expands Oando’s stake in NAOC’s joint venture assets, which include 40 discovered oil and gas fields—24 of which are currently producing—along with 40 identified prospects and leads. Additionally, the assets comprise 12 production stations, 1,490 kilometers of pipelines, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai Phase 1 & 2 power plants, among other infrastructure.

Wale Tinubu, Group Chief Executive of Oando PLC, expressed pride in this achievement, stating, "This acquisition is the result of ten years of dedication, resilience, and a steadfast belief in our vision since our 2014 entry into the joint venture through the acquisition of Conoco-Philips’ Nigerian Portfolio. This is a victory not just for Oando, but for every indigenous energy player as we take control of our future and lead the next phase of Nigeria’s upstream evolution."

Oando PLC, a leading indigenous explorer with a diverse portfolio of on- and offshore assets in Nigeria, will discuss its latest acquisition and strategic vision at this year’s African Energy Week (AEW). The company remains committed to integrating just transition principles and technologies while ensuring local value creation. With strong strategic partnerships and a focus on sustainable growth, Oando is poised to harness Africa’s energy resources and deliver long-term value for its stakeholders.

Commenting on the acquisition, NJ Ayuk, Executive Chairman of the AEC, stated, "Oando’s successful completion of this milestone transaction underscores the vital role of local exploration and production companies in Nigeria’s oil and gas sector. We congratulate Oando and look forward to exploring the implications of this deal for the broader energy industry at this year’s AEW."