Nigerian onshore exploration and power generation asset deal doubles Oando's reserves to 1 billion BOE.
Oando Secures Major Deal
Nigerian energy giant Oando has completed the $783 million acquisition of Eni’s Nigerian Agip Oil Company (NAOC). This acquisition significantly boosts Oando's stakes in several key oil mining licenses, increasing their reserves to 1 billion barrels of oil equivalent (BOE).
The deal, which has been eagerly anticipated, marks a significant milestone in Nigeria’s oil and gas sector. Oando’s expanded stakes in Oil Mining Licenses (OMLs) 60, 61, 62, and 63 increase its share from 20% to 40%, enhancing its position in the onshore exploration and production landscape. This acquisition also strengthens Oando's power generation capabilities, aligning with the company’s strategic growth objectives.
The successful completion of this deal comes from Nigerian President Bola Tinubu urging government officials to expedite the approval process for oil and gas transactions. This push seems to be yielding results. This transaction not only highlights Oando’s commitment to growth but also reflects the growing momentum in Nigeria’s energy sector under Tinubu’s administration.
Oil & Gas Project Management
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