Eni's Nigerian Onshore Operations Sold to Oando in Landmark Deal
Eni, the Italian energy company, has signed an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando, as part of a trend of energy giants exiting onshore operations in Nigeria. The move comes as international oil majors, including Shell and Exxon Mobil, are trying to sell their onshore assets in the country due to issues such as oil theft, community clashes, and exploration budget cuts. Eni's NAOC has interests in four onshore blocks and two onshore exploration leases in Nigeria. The deal is subject to local and regulatory authorization.