Eni secures approval to transfer Nigerian Agip Oil Company to OANDO

Eni announced on Tuesday that it has obtained official approval from the Nigerian Upstream Petroleum Regulatory Commission to transfer its unit, Nigerian Agip Oil Company (NAOC), to leading Nigerian energy firm OANDO.

NAOC, which is engaged in onshore oil and gas exploration, production, and power generation, will now be part of OANDO's portfolio. However, NAOC's interest in the Shell Production Development Company joint venture (Shell Operator 30 per cent, TotalEnergies 10 per cent, NAOC five per cent, NNPC 55 per cent) is excluded from this transaction and will remain under Eni's ownership.

Eni reaffirmed its commitment to Nigeria through continued investments in deepwater projects and the Nigeria LNG venture, according to the statement.