![]() It is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves," Oando CEO Wale Tinubu said in a statement.Įni said the sale was consistent with its strategic plan to grow its upstream output an average 3%-4% per year over the next three years from about 1.61 million boe/d in 2022. "The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and significantly increase production. Without giving financial details of the deal, Oando said the deal will almost double its proved total oil and gas reserves which stood at 503 million boe at the end of 2021. Last year, the four onshore blocks produced some 24,000 b/d of oil equivalent net to Eni's 20% in the NAOC JV, according to the company, with a large part of the gas reserves of the blocks is destined to supply the Nigeria's NLNG liquefaction plant. The assets include 24 producing fields, 40 identified exploration prospects and leads, 12 production stations, 1,490 km of pipelines, three gas processing plants, and the Brass River oil terminal, Oando said. Operating as part of the NAOC JV in partnership with the state's NNPC, and Oando, the deal will see Oando double its stake in NAOC JV to 40%. Receive daily email alerts, subscriber notes & personalize your experience.Įni's Nigerian Agip Oil Company Ltd (NAOC) holds operating interests in four Nigerian onshore blocks (OML 60, 61, 62, 63), the Okpai 1 and 2 power plants with a total nameplate capacity of 960 MW, and two onshore exploration leases.
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