Eni said it is committed to the country through investments in offshore projects. Credit: MyVideoimage.com/Shutterstock.

Eni has received final approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the divestment of its Nigerian subsidiary, Nigerian Agip Oil Company (NAOC), to Oando.  

The consent marks the culmination of a series of local and regulatory clearances, paving the way for the completion of the transaction. 

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In September 2023, the Italian oil and gas company agreed to sell NAOC, which is involved in onshore oil and gas exploration and production in Nigeria, along with power generation activities. 

NAOC’s interest in the Shell Production Development Company JV (SPDC JV) is not part of the sale and will remain within Eni’s portfolio. 

Other stakeholders in the SPDC JV include Shell holding 30%, TotalEnergies holding 10% and the Nigerian National Petroleum Corporation (NNPC) holding 55%. 

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Operating in Nigeria since 1962, Eni’s activities encompass hydrocarbon exploration, production and power generation.  

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Excluding the contribution from NAOC, Eni’s equity production in Nigeria stands at approximately 40,000 barrels of oil equivalent per day.  

Additionally, Eni has a 10.4% stake in Nigeria LNG. 

In a statement, Eni said: “Eni remains committed to the country through investments in deepwater projects and Nigeria LNG. Furthermore, the company is developing plans for economic diversification in the country, which include assessing the potential production of agri-feedstock for Enilive biorefineries and various nature- and technology-based projects, such as clean cooking initiatives, to offset emissions.” 

Separately, Eni announced the readiness of the floating production, storage and offloading unit Petrojarl Kong and the floating storage and offloading unit Yamoussoukro to depart for Côte d’Ivoire.  

These units will support phase two of the Baleine project, which is scheduled for December 2024.