The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced today that Oando PLC has successfully acquired 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd). This development was disclosed by NUPRC Chief Executive, Engineer Gbenga Komolafe, during the ongoing Oil and Gas Energy Week in Abuja. The acquisition is part of a divestment agreement between Oando and ENI, with the official signing ceremony scheduled for the coming days.
Engineer Komolafe also highlighted other significant transactions in the industry. He confirmed the completion of the Equinor-Project Odinmim deal and noted that the Shell Petroleum Development Company of Nigeria Limited (SPDC) deal with Renaissance Consortium is currently undergoing due diligence. Komolafe stressed the importance of adhering to the rule of law and best practices in such divestments, drawing attention to negative experiences in other countries when these principles were not followed.
To ensure smooth acquisitions, Komolafe outlined the requirements investors must meet to obtain approvals in Nigeria. These include demonstrating financial capacity, technical capability, and ensuring no legal encumbrances. This approach aims to maintain stability and integrity in Nigeria’s oil and gas sector, fostering a favorable environment for future investments.