Oando Plc has successfully acquired 100% of Nigerian Agip Oil Company Limited, marking a significant milestone for the indigenous energy solutions provider. This acquisition, disclosed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), is part of a broader movement of divestments within Nigeria’s oil sector. Speaking at the Oil and Gas Energy Week in Abuja, Engineer Gbenga Komolafe, NUPRC’s Chief Executive, highlighted that similar acquisitions involving Project Odinmim and Equinor, Shell Petroleum Development Company and Renaissance Consortium, and Seplat’s proposed takeover of ExxonMobil Nigeria’s offshore assets are underway. The NUPRC is committed to ensuring these divestments are conducted in line with the rule of law and best practices to safeguard national interests. Oando’s acquisition will increase its stake in several Oil Mining Leases (OMLs), signaling its strategic growth intentions. Other industry players, including ENI and Shell, continue to restructure their Nigerian operations while adhering to NUPRC’s stringent regulatory framework.

Oil & Gas, Energy,Nigeria, Italy