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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Eni To Oando: We Are Selling NOAC, If Plans Sail Through


By Favour & Akinola Ajibade


Eni Spa, yesterday, (Monday) said that it would sell Nigerian Agip Oil Company(NAOC) to Oando, a fastest growing Nigerian oil company, if all go according to plans. 

Eni, an Italian firm, said it has reach agreement with Oando issue, with both companies  expecting the deal to come into fruition soon. 

Oando is the leading Nigerian energy company listed on both the Nigerian Stock Exchange and Johannesburg, while  Nigerian Agip Oil Company Ltd, was a subsidiary of Eni and active in Nigeria in onshore hydrocarbon exploration and production and power generation.

In Nigeria, NAOC holds corporate interests in four onshore blocks namely OML 60, 61, 62, 63, which are being operated on behalf of the NAOC JV – operator NAOC Ltd 20%,Oando 20%, NNPC E&P Limited 60% -, in Okpai 1 and 2 power plants with an installed capacity of 960MW, and in two onshore exploration licenses – OPL 282 and OPL 135, 90% and 48%, respectively -, of which it is also operator.

The stake NAOC holds in SPDC JV – Shell Production Development Company Joint Venture – Shell operator 30 percent, TotalEnergies 10 percent, NAOC 5 percent, NNPC 55 percent – is outside the scope of the transaction and will remain in Eni’s portfolio.

The transaction is in line with Eni’s 2023-2026 Plan. “Upstream will complement core organic growth with high-profile portfolio assets, adding resources that will increase their value, while divesting assets that can offer greater value and opportunities to the new owners,” the company explained in a note.

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

Eni trades in the green by 0.6 percent at EUR14.62 per share.

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