Eni says it has received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of Nigerian Agip Oil Company Limited (NAOC Ltd) to Oando Plc.

In a statement on Wednesday, Eni said it has received formal consent to finalise the deal.

In September 2023, Oando announced plans to acquire the NAOC, but the deal was delayed due to regulatory approvals required.

On July 3, the NUPRC announced that Oando had completed the acquisition of 100 percent shares of Eni in its subsidiary, NAOC, adding that an announcement was imminent.

Confirming this in the statement, the Italian oil company said it has obtained all other relevant local and regulatory authorities’ authorisations.

“Having already obtained all other relevant local and regulatory authorities’ authorizations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange,” the statement reads.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG.”

The company also said it is developing plans for economic diversification in the country.

This, according to Eni, includes 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.