Italian Oil Major, Eni has stated that it has gotten the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando.

This was disclosed in a statement from the website of the company on Wednesday, July 24, 2024.

According to Eni, the move was made as a broader trend among international oil companies (IOCs) to divest from onshore assets in Nigeria, focusing instead on the offshore and deep-water segments of the oil and gas industry.

The energy company added that the 5% stake in the Shell Production Development Company Joint Venture (SPDJV) was excluded from the transaction and will remain part of Eni’s portfolio.

It said on its website: “Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.

“Having already obtained all other relevant local and regulatory authorities’ authorizations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

“Eni remains committed to the country through investments in deep-water projects and Nigeria LNG.”