Oil and gas supermajor Eni has agreed to sell its wholly-owned subsidiary focused on oil and gas exploration and production in Nigeria, Nigierian Agip Oil Company (NAOC), to multinational energy company Oando.
Poised to double Oando’s reserves to 996 million barrels of oil equivalent, NAOC holds stakes in four onshore blocks comprising Oil Mining Licenses 60, 61, 62, and 63; two power plants, Okpai 1 and 2; and two onshore exploration leases, Oil Prospecting Licenses 282 and 235.
