Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of a Nigerian subsidiary to Oando PLC.
Sale of the Italian major’s stakes in four licences to Oando nears completion in months.
The $500-million deal covering Oil Mining Licences (OML) 60, 61, 62 and 63 was announced in September 2023, but was caught up in Nigerian bureaucracy before President Bola Tinubu put his foot down and ordered government bodies to get this and other deals approved quickly.
Having already obtained all other relevant local and regulatory authorities’ authorisations, Eni late on Wednesday said that this NUPRC milestone will allow it to proceed to complete the transaction for the sale of certain Nigerian assets to Oando, which is also listed in Johannesburg.
However, Eni’s 5% interest in the Shell Production Development Company Joint Venture is not included in the transaction and will be retained by the Italian major.
The Milan-based player said it remains committed to the country through investments in deepwater projects and Nigeria LNG.
