Oando PLC, a leading indigenous energy solutions provider in Nigeria, has successfully acquired the Nigerian Agip Oil Company (NAOC) for a whopping $783 million.
This strategic acquisition marks a significant milestone in Nigeria’s energy sector, further strengthening Oando’s position as a key player in the oil and gas industry.
The deal, which has been hailed as a major business move, includes NAOC’s assets in oil and gas exploration, production, and development across Nigeria. This acquisition will enhance Oando’s portfolio and boost its capacity in both upstream and midstream operations, creating new opportunities for growth and expansion within the sector.
The purchase of NAOC is expected to improve Oando’s access to critical infrastructure, such as pipelines and production facilities, while increasing its overall production output. This acquisition is also expected to enhance the company’s revenue streams and contribute positively to Nigeria’s oil and gas production.
With this development, Oando solidifies its commitment to expanding its footprint in the energy industry while promoting local participation in Nigeria’s oil and gas sector.
