Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Oando Grabs Agip in $783M Power Play, Doubling Oil Reserves in Nigeria

Eriki Joan UgunushebyEriki Joan Ugunushe
August 22, 2024
in Business & Finance
0
Oando Grabs Agip in $783M Power Play, Doubling Oil Reserves in Nigeria
Share on FacebookShare on TwitterShare on Whatsapp

Oando Plc has officially acquired Nigerian Agip Oil Company (NAOC), a subsidiary of Italian energy giant Eni, in a landmark deal worth $783 million. This bold move, announced on Thursday by the company’s Chief Compliance Officer and Company Secretary, Ayotola Jagun, marks a significant milestone in Oando’s long-term strategy to dominate Nigeria’s oil and gas sector.

Table of Contents

Toggle
  • Why It Matters
  • What They Are saying
  • Bottom Line

Why It Matters

Oando, listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, confirmed it now owns 100% of NAOC’s shareholding interest. The acquisition strengthens Oando’s upstream operations, pushing the energy solutions provider deeper into the heart of Nigeria’s oil-rich landscape.

For those who think this is just another corporate acquisition, think again. The deal doubles Oando’s stakes in Oil Mining Leases (OMLs) 60, 61, 62, and 63, from a 20% to a 40% participating interest. This is no small feat—it means Oando now has increased ownership in the lucrative NEPL/NAOC/OOL Joint Venture, a portfolio that includes 40 discovered oil and gas fields, 24 of which are already producing. Throw in 12 production stations, nearly 1,500 kilometers of pipelines, three gas processing plants, and the Brass River Oil Terminal, and you begin to understand the sheer scale of this acquisition.

But that’s not all. Oando also gains control of the Kwale-Okpai power plants, with a combined capacity of 960MW, cementing its position as a key player in Nigeria’s energy sector. The company’s total reserves are set to soar by 98%, from 505.6 million barrels of oil equivalent (MMboe) to a whopping 1 billion barrels.

This transaction is expected to be immediately cash-generative, boosting Oando’s cash flow and giving the company the financial muscle to pursue even bigger ambitions.

What They Are saying

In the words of Wale Tinubu, Group Chief Executive Officer of Oando Plc, this acquisition is the result of “ten years of toil, resilience, and an unwavering belief.” He proudly declared it a victory not just for Oando but for every indigenous energy player in Nigeria. With Oando now in the driver’s seat as the operator, Tinubu’s focus is on optimizing the assets, ramping up production, and ensuring that growth is sustainable and responsible.

Looking ahead, Oando is not stopping here. Tinubu hinted at future diversification efforts, particularly in clean energy, agri-feedstock, energy infrastructure, and mining. It’s clear that Oando is not just looking to dominate the oil and gas sector; they’re positioning themselves as a force to be reckoned with across the broader energy landscape.

Bottom Line

In Nigeria where energy is both a lifeline and a battlefield, Oando’s latest move is a powerful reminder that they’re here to stay, and they’re ready to lead.

Tags: AgipDoubling Oil Reserves in Nigeriafederal characterNewsOandoOando Grabs Agip in $783M Power PlayOil reserves
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

Related Posts

Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit
Business & Finance

Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit

October 3, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 3, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 2, 2025
Next Post
Ivory Coast Joins the Mpox Clade 2 Club

Ivory Coast Joins the Mpox Clade 2 Club

Ukraine and Russia Report New Gains on Battlefield

Ukraine and Russia Report New Gains on Battlefield

NIHSA Issues Flood Warning Along River Niger

NIHSA Issues Flood Warning Along River Niger

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tiwa Savage Says She Was a Tomboy Until Ex-Husband Tunji Balogun Rebranded Her Look

Tiwa Savage Says She Was a Tomboy Until Ex-Husband Tunji Balogun Rebranded Her Look

3 months ago
Timini’s best friend claps back at trolls

Timini’s best friend claps back at trolls

4 years ago
Tinubu Intervenes in Lagos Assembly Crisis

Tinubu’s State of Emergency in Rivers: Leadership or Dictatorship?

7 months ago
Maguire saves United in dramatic 3-3 draw against Porto

Maguire saves United in dramatic 3-3 draw against Porto

12 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Is Charlie Kirk a Racist?

Is Parental Leave Now Equal in South Africa? Breaking Down the Top Court’s Decision

Are ICE Tracking Apps a Security Risk? Behind Apple’s Controversial Removal

Is LAX at Risk? Chevron Refinery Fire Erupts in Key Jet Fuel Unit

What Does the India-China Flight Resumption Mean for Travelers and Trade?

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

Trending

What Happens if Hamas Rejects Trump's Gaza Peace Plan by the Deadline?
Government

What Happens if Hamas Rejects Trump’s Gaza Peace Plan by the Deadline?

bySomto Nwanolue
October 3, 2025
0

The US President Donald Trump's unilateral declaration of a Sunday deadline for Hamas to accept a peace...

Tuchel Drops Bellingham and Foden from the England Squad as Saka Returns

Tuchel Drops Bellingham and Foden from the England Squad as Saka Returns

October 3, 2025
Chelsea vs Liverpool: Stamford Bridge Showdown Could Define Early Title Race

Chelsea vs Liverpool: Stamford Bridge Showdown Could Define Early Title Race

October 3, 2025
Is Charlie Kirk a Racist?

Is Charlie Kirk a Racist?

October 3, 2025
Is Parental Leave Now Equal in South Africa? Breaking Down the Top Court's Decision

Is Parental Leave Now Equal in South Africa? Breaking Down the Top Court’s Decision

October 3, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • What Happens if Hamas Rejects Trump’s Gaza Peace Plan by the Deadline?
  • Tuchel Drops Bellingham and Foden from the England Squad as Saka Returns
  • Chelsea vs Liverpool: Stamford Bridge Showdown Could Define Early Title Race

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com