The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the sale of the Nigerian Agip Oil Company (NAOC), a subsidiary of Italian multinational corporation Eni, to Nigerian multinational energy company Oando PLC.
Under the agreement Oando will take over NAOC’s operations, which include onshore oil and gas exploration, production and power generation in Nigeria.
NAOC’s interest in the Shell Production Development Company Joint Venture (SPDC JV) – comprising Shell (30%), TotalEnergies (10%), NAOC (5%) and NNPC (55%) – is not part of this transaction and will remain under Eni’s portfolio.
