Italy's Eni has agreed to sell one of its three Nigerian oil and gas subsidiaries to local firm Oando for an undisclosed sum.
Eni's Nigerian Agip Oil Company (NAOC) operates and owns a 20pc stake in four producing onshore blocks in the Niger delta — OMLs 60, 61, 62 and 63. State-owned NNPC has a 60pc interest in the blocks and Oando holds the remaining 20pc.
NAOC also has stakes in two onshore exploration leases and owns the Okpai 1 and 2 power plants. It has a 5pc participating interest in the Shell-operated SPDC joint venture in Nigeria as well, but this is excluded from the sale, Eni said.
Eni will retain its shallow-water and deepwater oil and gas assets in the country — which are owned by Agip Energy and Natural Resources (AENR) and Nigerian Agip Exploration (NAE), respectively — and its interests in LNG operations.
Eni said the NAOC sale is consistent with its 2023-26 strategic plan, which includes "divesting resources that can offer greater value and opportunities to new owners".
In November 2021, Eni reported that an armed attack killed three of its contractors in the area of the OML 60-63 blocks. Eni's Nigerian production was 63,000 b/d of oil equivalent (boe/d) last year, down from 84,000 boe/d in 2021 and 131,000 boe/d in 2020.

