Analysts within the oil and fuel sector have recommended Oando’s acquisition of a 100 per cent stake in Nigerian Agip Oil Firm Restricted (NAOC Ltd), predicting it can considerably reshape Nigeria’s oil and fuel business.
The deal, in improvement since September final 12 months, has lastly come to fruition. In keeping with oil and fuel analyst Johnson Okoh, this landmark acquisition will double Oando’s oil equal output from 25,000 barrels per day to 50,000 barrels per day.
Okoh recommended the management of Adewale Tinubu, Group Chief Govt of Oando Group, highlighting his capability to determine new enterprise alternatives and create profitable partnerships. “His visionary mindset and astute enterprise acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with main worldwide firms. This not solely speaks to his personal success but in addition showcases the immense potential inside Nigeria’s enterprise panorama,” Okoh mentioned.
One other analyst, Femi Ojo, emphasised Tinubu’s standing as a world-class businessman, lauding his visionary management and strategic acquisitions.
The ultimate acquisition was introduced on Wednesday by the Italian oil and fuel large Eni, which confirmed receiving regulatory approval from the Nigerian Upstream Petroleum Regulatory Fee (NUPRC). The Italian firm additionally said that it had obtained all different related native and regulatory authorizations.
“Having secured all mandatory native and regulatory approvals, this achievement will permit Eni to finish the transaction for the sale of Nigerian Agip Oil Firm Ltd (NAOC), its wholly-owned subsidiary targeted on onshore oil and fuel exploration and manufacturing, in addition to energy era in Nigeria, to Oando PLC, Nigeria’s main nationwide vitality options supplier, listed on each the Nigerian and Johannesburg Inventory Exchanges.
“NAOC Ltd’s collaborating curiosity within the SPDC JV (Shell Manufacturing Improvement Firm Joint Enterprise – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5 per cent, NNPC 55 per cent) is just not included within the transaction and can stay in Eni’s portfolio.
Eni stays dedicated to the nation by investments in deepwater initiatives and Nigeria LNG,” the corporate said.
Eni additionally introduced plans for financial diversification in Nigeria, together with assessing the potential for producing agri-feedstock for Enilive bio-refineries and numerous nature- and technology-based initiatives, comparable to clear cooking initiatives to offset emissions. Eni has been working in Nigeria since 1962, actively partaking in hydrocarbon exploration and manufacturing, in addition to energy era.
Presently, Eni has a considerable portfolio of exploration and manufacturing property, with an fairness manufacturing of roughly 40,000 barrels of oil equal per day, excluding the NAOC contribution. Eni additionally holds a ten.4 p.c curiosity in Nigeria LNG.
NAOC focuses on onshore oil and fuel exploration and manufacturing, in addition to energy era, Eni added within the assertion.
