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Discover the essential points from the post Eni Signs Agreement To Sell Nigerian Subsidiary NAOC Ltd To Oando Plc in the following sections.
Key elements
NAOC Ltd is present with interests in Nigeria across 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV (operator NAOC Ltd 20%, Oando 20%, NNPC E&P Limited 60%), in the Okpai 1 and 2 power plants (with a total nameplate capacity of 960MW), and in two onshore exploration leases (OPL 282 and OPL 135, respectively 90% and 48%) for which it also holds operatorship.
Following the transaction completion with Oando Plc, Eni will maintain its presence in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR), reiterating the company’s commitment to its employees’ health and safety, as well as to the environment.
NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.
Eni continues to operate in the country focusing on operated offshore activities.
Participations in operated-by-others assets, both onshore and offshore, and Nigeria LNG will remain in Eni portfolio too.The transaction is consistent with Eni 2023-2026 Plan.
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