Yesterday at the Intra-African Trade Fair in Cairo, Egypt, AfreximBank and Oando PLC signed an $800 million loan agreement to support Oando’s acquisition of 100% of the shares of the Nigerian Agip Oil Company (NAOC).
Earlier on September 4, 2023, Oando PLC announced its agreement with Eni, an Italian Multinational energy Company, for the acquisition of NAOC.
The deal involves a significant and strategic acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited across OMIs 60, 61, 62, and 63.
Upon the completion of the assets acquisition, pending Ministerial Consent and other regulatory approvals, Oando’s existing participating interests in OMLs 60, 61, 62, and 63 will increase from 20% to 40%.
The transaction will also enhance Oando’s Ownership in all NEPL/NAOC/OOL Joint Venture assets, including 40 oil and gas fields, 24 of which Yesterday at the Intra-African Trade Fair in Cairo, Egypt, AfreximBank and Oando PLC signed an $800 million loan agreement to support Oando’s acquisition of 100% of the shares of the Nigerian Agip Oil Company (NAOC).
Earlier on September 4, 2023, Oando PLC announced its agreement with Eni, an Italian multinational energy company, for the acquisition of NAOC. The deal involves a significant and strategic acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited across OMIs 60, 61, 62, and 63.
Upon the completion of the assets acquisition, pending Ministerial Consent and other regulatory approvals, Oando’s existing participating interests in OMLs 60, 61, 62, and 63 will increase from 20% to 40%.
The transaction will also enhance Oando’s ownership in all NEPL/NAOC/OOL Joint Venture assets, including 40 oil and gas fields, 24 of which are currently producing, numerous prospects and leads, 12 production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai phases 1 & 2 power plants with a total nameplate capacity of 960MW, along with associated infrastructure.
The agreement, signed at IATF2023, goes beyond financing; it signifies a commitment to fostering growth and strengthening partnerships across Borders to support Africa’s growth ambitions.
This Collaboration adds to the series of Financing deals Afreximbank has signed during the Intra-African Trade Fair, supporting various Companies in different Sectors as part of the Bank’s efforts to facilitate Africa’s growth.
producing, numerous prospects and leads, 12 production Stations, approximately 1,490 km of pipelines, three Gas Processing Plants, the Brass River Oil Terminal, and the Kwale-Okpai phases 1 & 2 power plants with a total nameplate capacity of 960MW, along with associated Infrastructure.
The agreement, signed at IATF2023, goes beyond Financing; it signifies a commitment to fostering growth and Strengthening Partnerships across Borders to support Africa’s growth ambitions.
This Collaboration adds to the series of Financing deals Afreximbank has signed during the Intra-African Trade Fair, supporting various Companies in different Sectors as part of the Bank’s efforts to facilitate Africa’s growth.
