Shares in Oando, which has a secondary listing in Johannesburg, jumped by 9 per cent in Lagos at 10:56 WAT, following the news.
Oando agreed to buy the Nigerian exploration and production unit of Italian oil major Eni for an undisclosed amount, a statement by the oil driller said on Monday.
“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 KwaleOkpai phases 1 & 2 power plants , and associated infrastructure,” the document said.Oando’s reserves total 503.
NAOC’s participating interest in Shell Production Development Company Joint Venture is not part of the deal and so will be retained in Eni’s portfolio, Oando said.
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