{"id":75586,"date":"2023-09-04T12:13:04","date_gmt":"2023-09-04T11:13:04","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=75586"},"modified":"2023-09-04T12:13:04","modified_gmt":"2023-09-04T11:13:04","slug":"oando-announces-agreement-with-eni-for-the-acquisition-of-100-agip-oil-nigerian-shares","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/oando-announces-agreement-with-eni-for-the-acquisition-of-100-agip-oil-nigerian-shares\/","title":{"rendered":"Oando Announces Agreement With ENI For The Acquisition Of 100% Agip Oil Nigerian Shares"},"content":{"rendered":"<p>Oando Plc, Nigeria\u2019s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange, on Monday, announced that it has reached an agreement with Eni (\u201cENI\u201d) (an integrated energy company actively supporting a just energy transition, with the objective of achieving Net-Zero carbon emissions by 2050 and promoting efficient and sustainable access to energy for all), for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).<\/p>\n<p>Oando said, the completion of the transaction is subject to Ministerial Consent and other required<br \/>\nregulatory approvals.<\/p>\n<p>According to a statement made available to national Wire and signed by Oando&#8217;s Chief Compliance Officer, Mr. Ayotola Jagun, other transaction highlights includes:<\/p>\n<p>\u2022 The transaction increases Oando\u2019s current participating interests in OMLs 60, 61,62, and 63 from 20% to 40%.<\/p>\n<p>\u2022 It increases Oando\u2019s ownership stake in all NEPL\/NAOC\/OOL Joint Venture<br \/>\nassets and infrastructure which include forty discovered oil and gas fields, of<br \/>\nwhich 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 KwaleOkpai phases 1 &amp; 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.<\/p>\n<p>\u2022 Based on 2021 reserves estimates, Oando\u2019s total reserves stand at 503.3MMboe and the transaction will deliver a 98% increase.<\/p>\n<p>\u2022 The transaction also grows Oando\u2019s exploration asset portfolio through the<br \/>\nacquisition of a 90% interest in OPL 282 and 48% interest in OPL 135.<\/p>\n<p>\u2022 NAOC Ltd participating interest in SPDC JV (Shell Production Development<br \/>\nCompany Joint Venture &#8211; operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) s not included in the perimeter of the transaction and wil be retained in Eni\u2019s portfolio.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>Commenting Wale Tinubu CON, Group Chef Executive, Oando PLC said<br \/>\n\u201cThe synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and<br \/>\nsignificantly increase production. Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves. Today\u2019s announcement is not just an important milestone for the future of Oando; it brings to bear the important role indigenous actors will play in the future of the Nigerian<br \/>\nupstream sector. Having achieved this significant milestone, we look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for our local communities, stakeholders and shareholders.&#8221;<\/p>\n<p>Forward Looking Statements:<\/p>\n<p>This news release contains forward-looking statements and forward-lookng information within the meaning of applicable securities laws. The use of any of the words \u201cexpect\u201d,<br \/>\n\u201canticipate\u201d, \u201ccontinue\u201d \u201cestimate\u201d, \u201cobjective\u201d, \u201congoing\u201d, \u201cmay\u201d, \u201cwil\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cbelieve\u201d,\u201cplans\u201d, \u201cintends\u201d and similar expressions are intended to identify<br \/>\nforward-looking information or statements.In particular this news release contains forward-looking statements relating to intended acquisitions. Although the Company believes that the expectations and assumptions on which such<br \/>\nforward-looking statements and information are reasonable undue reliance should not<br \/>\nbe placed on the forward-looking statements and information because the Company can give no assurance that such statements and information wil prove to be correct. Since<br \/>\nforward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.<br \/>\nActual results could differ materially from those currently anticipated due to a number of factors and risks These includes but are not limited to: risks related to international operations, the actual results of current exploration and drilling activities, changes in project parameters as plans continue to be refined and the future price of crude oil.<br \/>\nAccordingly, readers should not pace undue relaince on the forward-looking<br \/>\nstatements. Readers are cautioned that the foregoing list of factors s not exhaustive.<\/p>\n<p>The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or<br \/>\nrevise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.<br \/>\nCautionary Statements<br \/>\nProduction information is commonly reported in units of barrel of oil equivalent (\u201cboe\u201d or \u201cBOE\u201d) or in units of natural gas equivalent (\u201cMcfe\u201d). However, BOEs or Mcfes may be<br \/>\nmisleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 barrel, or an Mcfe conversion ratio of 1 barrel:6 Mcf, is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value<br \/>\nequivalency at the wellhead.<br \/>\nThere is no certainty that it will be commercially viable to produce any portion of the contingent resources.<br \/>\nThere is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion<br \/>\nof the resources.<\/p>\n<p>Defined Terms<\/p>\n<p>\u201cReserves\u201d are those quantities of petroleum anticipated to be commercially recoverable<br \/>\nby application of development projects to known accumulations from a given date<br \/>\nforward under defined conditions. Reserves must further satisfy four criteria: they must<br \/>\nbe discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorized in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and\/or characterized by development and production status.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Oando Plc, Nigeria\u2019s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange, on Monday, announced that it has reached an agreement with Eni (\u201cENI\u201d) (an integrated energy company<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":34419,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[903,8534,1863],"coauthors":[2391],"class_list":["post-75586","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-eni","tag-nigeria-agip-oil-company-limited-naoc","tag-oando-plc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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