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Oando PLC Completes $783 Million Acquisition of Eni’s Subsidiary, Nigerian Agip Oil Company (NAOC)

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2 years ago

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Oando PLC

This acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector

LAGOS, Nigeria, August 22, 2024/APO Group/ — 

Oando PLC (“Oando” or the “Company”) (www.OandoPLC.com), Nigeria’s leading energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce the successful completion of the acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, for a total  consideration of US$783 million comprised of consideration for the asset and reimbursement (the “Transaction”).

Download document: https://apo-opa.co/4cD97ik

This acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.

It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution

Transaction Highlights

  • The Transaction increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%.
  • It increases Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.
  • Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98% increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe.
  • The Transaction is immediately cash generative and will contribute significantly to the cashflows of the Company.

Commenting, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:

“Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential, advancing production and contributing to our strategic objectives. This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output.

Looking to the future, we will continue to pursue strategic diversification opportunities within the broader energy sector that provide enhanced growth and value creation for our stakeholders, particularly in clean energy, agri-feedstock sector, as well as energy infrastructure and mining.”

Distributed by APO Group on behalf of Oando Energy Resources.

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Learning curves: Addressing the skills shortage in African mining

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12 hours ago

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March 23, 2026

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mining

The discussion will unpack key factors contributing to the skills shortage and examine how stronger collaboration between mining companies, universities and Technical and Vocational Education and Training (TVET) institutions can help bridge the gap

CAPE TOWN, South Africa, March 23, 2026/APO Group/ –The African mining industry is undergoing rapid transformation, driven by technological advancements, increasing sustainability demands, and rising global demand for critical minerals. However, a widening skills gap continues to pose a significant challenge to the sector’s growth and long-term competitiveness.

 

To address this pressing issue, an upcoming webinar hosted by Vuka group’s Mining Review Africa will bring together industry experts to explore practical solutions for building a skilled and future-ready mining workforce across the continent.

The discussion will unpack key factors contributing to the skills shortage and examine how stronger collaboration between mining companies, universities and Technical and Vocational Education and Training (TVET) institutions can help bridge the gap. It will also consider how digitalisation and automation are reshaping workforce requirements, and what this means for the next generation of mining professionals.

Participants can expect insights on:

  • Key causes of the mining skills shortage across Africa
  • Strengthening collaboration between industry, universities, and TVET institutions
  • The impact of digitalisation and automation on workforce requirements
  • Strategies for developing the next generation of mining professionals
  • Practical solutions for upskilling and workforce development
  • How regional collaboration can develop a skilled workforce
  • Preventing the brain drain in African mining as skilled workers seek greener pastures

 

Event details:
Date: 7 May 2026
Time: 14:00 (SAST)

To register for the webinar, visit: https://apo-opa.co/4brnadB

Distributed by APO Group on behalf of VUKA Group.

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Business

Mining Review Africa Introduces French and Portuguese Website Translation

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12 hours ago

on

March 23, 2026

By

vukagroup

By enabling multilingual access, Mining Review Africa aims to better serve its diverse readership, including industry professionals, policymakers and investors who rely on timely mining news and insights

CAPE TOWN, South Africa, March 20, 2026/APO Group/ –VUKA Group’s (https://WeAreVUKA.com/) Mining Review Africa has introduced French and Portuguese translations on its website, responding to growing demand from readers across the continent.

 

This allows users to access content in multiple languages, improving accessibility for audiences in regions where English is not widely used.

We recognise that language should not be a barrier to information, especially in a sector that plays such a critical role in the continent’s economic growth

The move follows insights gathered by VUKA Group during its flagship mining events held across Africa, including DRC Mining Week, Angola International Mining Conference and Nigeria Mining Week The organisers noted a clear need for more inclusive communication, particularly in countries where French and Portuguese are dominant languages in business and industry engagement.

By enabling multilingual access, Mining Review Africa aims to better serve its diverse readership, including industry professionals, policymakers and investors who rely on timely mining news and insights.

“This development is part of our ongoing commitment to making mining content more accessible across Africa,” Mining Review Africa’s Editor-In-Chief, Gerard Peter said. “We recognise that language should not be a barrier to information, especially in a sector that plays such a critical role in the continent’s economic growth.”

The translation feature is now live and available to all users on the Mining Review Africa website.

Distributed by APO Group on behalf of VUKA Group.

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Business

Qianhai Launches OPC Mavericks Program to Empower Global AI Solopreneurs

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12 hours ago

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March 23, 2026

By

QianHai

SHENZHEN, CHINA – Media OutReach Newswire – 20 March 2026 – On March 18, Qianhai, a flagship hub for institutional opening-up, high-end services and technological innovation in southern China, officially opened the application portal for the Qianhai OPC (One-Person Company) International Community and launched its global OPC Mavericks Program. Adhering to the philosophy of “All Innovation, Zero Distraction”, the initiative aims to build the world’s leading ecosystem for AI-driven one-person companies.

Widely recognized as a pioneering zone for China’s institutional opening-up and a key innovation node in the Guangdong-Hong Kong-Macao Greater Bay Area, Qianhai leads the country in piloting cross-border cooperation, regulatory innovation and business-friendly reforms. It has grown into a highland for advanced services, tech research and development, and entrepreneurial ecosystems, connecting global talents, capital and technologies with the massive market of the Greater Bay Area.

The OPC Mavericks Program targets six elite groups: academic pioneers, tech veterans, global AI competition winners, elite prodigies, influential open-source contributors, and outstanding graduates in AI and computer science. Eligible projects should leverage generative AI, large language models, AI agents and automation to build sustainable closed-loop businesses.

As the world’s first vertical accelerator dedicated to OPCs, the community provides a tailor-made AI launchpad with the SENSE ecosystem and the “Eight Zeros” guarantee to remove startup barriers: supported office space up to 200㎡ for two years, talent housing up to 50㎡ per person, annual free computing power up to 50P, free LLM trials, Greater Bay Area market access, collateral-free loans, high-risk-tolerance seed funding, annual talent rewards up to 600,000 RMB, and one-stop services for visas, finance, IP, taxation and global internet access.

To help global innovators experience opportunities in the region, Qianhai offers the Shenzhen-Hong Kong 72-Hour Experience Pass, which was officially launched in 2025. This pass provides streamlined entry arrangements, guided visits to tech platforms, enterprises and research institutions in both cities, and on-site insights into the OPC entrepreneurship environment. It serves as a key channel for global talents to fully explore cooperation and development prospects in the Greater Bay Area.

The program supports AI solopreneurs to turn ideas into scalable businesses. Qualified applicants can submit core founder resumes and project pitch decks to inqianhai@qhidg.com to join the program and embrace new opportunities in the Greater Bay Area.

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