Nigeria’s energy company, Oando PLC, is poised to significantly enhance the country’s oil reserves and production capacity following its landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni. Recently recognized in South Africa as the “Deal of the Year,” this acquisition is set to boost Oando’s oil reserves by over 98 per cent and support Nigeria’s goal of increasing oil production to over 2 million barrels per day.
With numerous oil fields in Nigeria remaining underutilised amid divestment and the reluctance of international oil companies to invest in shallow water assets, companies like Oando are stepping up to fill the gap. Their efforts provide critical opportunities for the country, particularly as Nigeria faces the risk of stranded oil and gas reserves in the wake of the global energy transition.
Oando had won the ‘Deal of the Year’…
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