April 17, 2024
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OIL & GAS

Eni to Sell Nigerian Oil and Gas Unit NAOC to Oando

Italian energy group Eni (ENI.MI) on Monday signed an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando (OANDO.LG), the group said in a statement.

According to Reuters, NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria.

However, Eni did not provide the financial details of the accord.

After the sale, which is subject to the authorization of local and regulatory authorities, Eni will retain NAOC’s 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell (SHEL.L), the statement added.

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