Eni secures approval to sell Nigerian unit NAOC to Oando

Ilenre Irele

Eni has reportedly secured formal approval from the Nigerian Upstream Petroleum Regulatory Commission to sell its unit Nigerian Agip Oil Company (NAOC) to the country’s leading energy company OANDO (OANDO.LG), the Italian group has said..
NAOC focuses on onshore oil & gas exploration and production as well as power generation, Eni said in a statement.
NAOC’s stake in the Shell Production Development Company JV (Shell Operator 30%, TotalEnergies 10%, Naoc 5%, NNPC 55%) was not included in the transaction and will remain in Eni’s portfolio, it added.
“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG”, the statement said.

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