Nigerian regulator approves $500 million sale of Eni’s onshore oil and gas E&P assets

(WO) – 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 with 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.

NAOC Ltd’s 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 will maintain a presence in country through investments in deepwater projects and Nigerian LNG.

Eni has been operating in Nigeria since 1962, actively engaging in oil and gas exploration and production, as well as power generation. Currently, Eni has a substantial portfolio of assets in E&P, with an equity production of approximately 40,000 boed net of NAOC contribution. Eni also holds a 10.4% interest in Nigeria LNG.