Oando Acquires Agip Nigeria

 By Judith Agada

Oneof the leading oil venture in Nigeria, Oando Group has acquired 100 percent share of Nigerian Agip Oil Company Limited (NAOC Ltd) as experts in Nigeria’s oil and gas ventures commended the group Chief Executive, Adewale Tinubu.

Oando has peg in OMLs 60, 61, 62, and 63 which will increase from 20 percent to an appealing 40 percent in increase. The transaction is said to be subject to Ministerial grant and regulatory approvals according to an expert.

Other experts like Femi Odunsi also lend their voice to this remarkable move of Oando Group that AGIP acquisition represents a notable bound for the Group, extending its current interests in key assets and infrastructure that includes forty discovered oil and gas fields, which has about 24 currently in production, and approximately forty identified prospects and leaders.

Its critical infrastructure such as production stations, pipelines, gas processing plants, and power plants, including the Kwale-Okpai phases 1 & 2 power plants are also included in the acquisition. It is given that, in 2021 reserve estimates, this transaction will deliver a remarkable 98 percent increase in Oando’s total reserves, resulting and total to 503.3 million barrels of oil equivalent (MMboe). 

Mr. Charles Lekson, a player in Nigeria’s oil sector said, Tinubu’s visionary leadership continues to reshape Nigeria’s energy sector, creating opportunities for growth and innovation.

In his word, "Oando Group moves forward with these transformative endeavours, the future of Nigeria’s oil and gas industry looks brighter than ever. Tinubu can be likened to a humble mustard seed that has grown into a mighty oak tree. From his early days as a determined young man with dreams of becoming a global business titan, his journey in the oil and gas sector has been nothing short of remarkable. Tinubu’s path was strewn with formidable challenges at the outset, but his unwavering courage and resilience enabled him to conquer these initial obstacles".