• Latest
  • Trending
  • All
Oando Acquires   Agip Oil Company

Oando Acquires Agip Oil Company

Ondo Deputy Speaker and Majority Leader resign

Ondo Deputy Speaker and Majority Leader resign

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

Nigerian Government Announces Public Holidays for Sallah Celebrations

Nigerian Government Announces Public Holidays for Sallah Celebrations

The progress of Kano state is non – negotiable – Engr. Yusuf

Kano Declares 12-day Sallah Holiday for Schools

Kwara mobile court convicts 135 sanitation violators |

Kwara Law Students Appeal for Immediate Release of Law School Scholarship Funds

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

JUST IN: Wike seals PDP National Secretariat in Abuja

JUST IN: Wike seals PDP National Secretariat in Abuja

JAMB Announces Date to release UTME Result for resit Candidates

99% Scores Below 200 in Resit UTME – JAMB

  • About Us
  • Advertise with Us
  • Editorial Policy
Friday, June 6, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Business News

Oando Acquires Agip Oil Company

by iDeemlawful
August 23, 2024
A A
Oando Acquires   Agip Oil Company
FacebookTwitterWhatsapp
  • …deal value at $783m

Oando Plc has announced complete acquisition of 100 percent shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni.

The deal is valued for a total consideration of $783 million comprised of consideration for the asset and reimbursement.

Oando’s acquisition of 100 percent of the shareholding interest in the Nigerian Agip Oil Company comes as former Vice President Atiku Abubakar accused President Bola Tinubu of turning Nigeria into a private enterprise, noting that the “future of Nigerians has been effectively mortgaged to President Bola Tinubu, his family, and associates.”

RelatedPosts

Nigerian Government Announces Public Holidays for Sallah Celebrations

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Nigerian Government Announces Public Holidays For Easter

Nigerian Government Declares Public Holidays For Eid-ul-fitr Celebration

Wale Tinubu who is CEO of Oando Plc is close relation of President Tinubu. Oando recently sold its petrol stations to NNPC which is the sole importer of petrol into Nigeria.

The former vice president expressed fears that it will be nearly impossible to break the shackles of Tinubu from Nigeria, even after the president leaves office.

Meanwhile, Oando said in a statement at the NGX signed by Ayotola Jagun, Chief Compliance Officer and Company Secretary that, “This acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.”

The transaction increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20 percent to 40 percent. It increases Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.

Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98percent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe. The transaction is immediately cash generative and will contribute significantly to the cashflows of the company.

Read also: We own no interests in Maltese oil storage company – Oando

Wale Tinubu, Group Chief Executive, Oando Plc said: “Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution.

“With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential, advancing production and contributing to our strategic objectives. This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output”.

Tags: Nigeria Government
Previous Post

Chinese investors take over Nigeria’s guest houses in UK, to sell them on eBay

Next Post

Chinese Zhongshang seize another Nigerian Aircraft In Canada

iDeemlawful

iDeemlawful

Related Posts

Ondo Deputy Speaker and Majority Leader resign
Featured

Ondo Deputy Speaker and Majority Leader resign

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks
Breaking News

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria
Featured

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria
Business News

FULL LIST: Dangote Refinery slashes Petrol Prices across Nigeria

Court stops Senate disciplinary action against Natasha Akpoti
Featured

Akpabio, Yahaya Bello to testify as Nigerian Govt files Criminal Charges Against Natasha

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report
Featured

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report

Nigerian Senate denies viral kiss video says not one of Them
Featured

How National Assembly Illegally inserts projects worth N6.93trn into 2025 budget – Report

Nigeria Pays Back all N2.59trn IMF Debt
Business News

Nigeria Pays Back all N2.59trn IMF Debt

JUST-IN: Social Activist VeryDarkMan Arrested by EFCC
Breaking News

EFCC releases VeryDarkMan on Bail

Catholic Bishops Reply Trump Over AI-Generated Pope Image
Featured

Catholic Bishops Reply Trump Over AI-Generated Pope Image

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In