Oando boosts oil reserves by 98% with $783m NAOC acquisition 

Oando PLC has rated the $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Italy’s Eni as a landmark achievement this year.
  
The company noted that the development has increased its reserves by over 98 per cent.   The Group Chief Executive of Oando, Wale Tinubu, in a presentation made available to journalists described divestment by International Oil Companies (IOCs) as an opportunity. 
  

He noted that the NAOC acquisition increases Oando’s stake in the NEPL/NAOC/OOL Joint Venture from 20 per cent to 40 per cent, granting the company operational control over critical oil and gas assets, including Oil Mining Leases (OMLs) 60, 61, 62, and 63. 

The deal also expands Oando’s infrastructure portfolio, comprising 40 oil and gas fields, 12 production stations, three gas processing plants, and the Brass River Oil Terminal.

Tinubu described the deal as the culmination of a decade of effort, stating it represents a “win for Oando and every indigenous energy player.”

The acquisition bolsters Oando’s reserves by 98 per cent, positioning the company among Nigeria’s largest indigenous oil producers. 

The move, he said, would enhance domestic oil production, increase export capacity, and drive economic growth through higher oil revenues, job creation, and local content development.

Tinubu also noted that the development strengthened the company’s infrastructure and operational scale, aligning it with Nigeria’s ‘Decade of Gas;’ initiative.

He emphasised that the company has committed to optimising its new assets while advancing corporate social responsibility initiatives through the Oando Foundation, focusing on education and environmental sustainability in host communities.