Energy company, Oando Plc, has reached an agreement with Italian firm, Eni, for the acquisition of 100 per cent of the shares of its oil and gas unit, Nigerian Agip Oil Company Limited.

According to a statement signed by the Company Secretary, Ayotola Jagun, on Monday, the completion of the transaction is subject to ministerial consent and other required regulatory approvals.

With this transaction Oando increases its current participating interests in OMLs 60, 61, 62, and 63 from 20 per cent to 40 per cent.

Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which 24 are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure, has also increased.

Speaking on the transaction, the Group Chief Executive, Oando, Wale Tinubu, said, “The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and significantly increase production.

“Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves. Today’s announcement is not just an important milestone for the future of Oando; it brings to bear the important role indigenous actors will play in the future of the Nigerian upstream sector.

“Having achieved this significant milestone, we look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for our local communities, stakeholders and shareholders.”