ENI Sells Stake in Nigerian Agip Oil Company To Oando

Italy’s energy giant Eni ENI.MI has signed an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando OANDO.LG, the group said in a statement, in the latest move by an energy company out of the country.

Amid rampant oil theft from pipelines, perpetual clashes with communities and more focused exploration budgets, nearly all international oil majors, including ShellSHEL.L and Exxon Mobil CorpXOM.N, are trying to sell their onshore assets in the country.

Eni’s NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, the group said.

The deal is subject to local and regulatory authorisation. Similar approvals have been held back by legal and political issues in Exxon’s and Shell’s assets sales.

After the disposal of NAOC, in line with the firm’s 2023-2026 plan, Eni will retain the unit’s 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell, the group added.

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