By Giulia Petroni
Italian oil major Eni has agreed to sell its exploration-and-production subsidiary in Nigeria to local energy company Oando for an undisclosed sum.
The Nigerian Agip Oil Company, or NAOC, focuses on onshore oil and gas as well as power generation. It has interests across four onshore blocks, two onshore exploration leases and two power plants in Nigeria.
NAOC’s 5% interest in Shell’s joint venture Shell Production Development Company will be retained by Eni.
Following the transaction, Eni said it will maintain its presence in Nigeria with Nigerian Agip Exploration and Agip Energy and Natural Resources, as well as through onshore and offshore assets operated by others.
Closing of the deal is subject to the authorization of local and regulatory authorities.
Write to Giulia Petroni at giulia.petroni@wsj.com
Read the full article here