Tag: Oando

Oando emerges Nigeria’s first IOC

Aminu Imam
Oando

…Valuation hits $4bn Oando has attained status as Nigeria’s first IOC with $4bn valuation, expanding operations to the Sao Tome and Principe Exclusive Economic Zone, (EEZ). Oando Plc, with operations outside the shores of Nigeria, around the Sao Tome and Principe EEZ, has now attained the status of Nigeria’s first indigenous International Oil Company, (IOC). Its asset base covers exploration, development, and production for both oil and gas and holds interests in over 16 licenses for the exploration, development, and production of oil and gas assets located onshore, swamp, and…

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Oando joins the trillion-Naira exclusive companies club

Aminu Imam
Oando trillion club

Oando, a prominent oil and gas company, has reached a market capitalisation of N1 trillion, placing it among an exclusive group of companies. This milestone follows a significant increase in its share price, which rose by 207.6% in August. Recall that in early August, Oando announced its intention to complete a $783 million acquisition of Nigeria Agip Oil Company, a subsidiary of Eni. ?This announcement contributed to increased investor interest, driving up the company’s stock price and resulting in a trading volume of 547 million shares. With this development, Oando…

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“Explain why Oando got accelerated approval in Agip/ENI purchase” – Atiku slams Tinubu

Aminu Imam
Atiku slams Tinubu

Former Vice President, Atiku Abubakar, has asked the Federal Government to explain why Oando Plc, owned by President Bola Tinubu’s nephew, got accelerated approval to buy the onshore assets of AGIP and ENI while other transactions such as the Shell/Renaissance deal and the Mobil/Seplat continue to suffer delays. Atiku also accused the government of giving Oando undue preferential treatment in the oil and gas sector to the detriment of more competent investors. The former vice-president in an issued statement signed by his Special Assistant on Public Communication, Phrank Shaibu, slammed…

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Oando Plc completes Nigerian Agip Oil Company’s acquisition for $783m

Aminu Imam
Oando Agip2

Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant, Eni, for a total consideration of $783 million. The company, whi confirmed this development via a press release yesterday, said that the deal has been completed, representing a significant milestone in Oando’s long-term strategy. The transaction includes reimbursement and consideration for the asset. The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational footprint and expanding its upstream capabilities. Recall that Italian Oil Major, Eni,…

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“IOCs’ exit offers opportunity for increased local oil firms participation” – Oando

Aminu Imam
Screenshot

Oando Energy Resources, an indigenous energy company in Nigeria, has said that the on-going divestment by International Oil Companies (IOCs) presents a significant opportunity for increased participation of local firms in the country’s oil sector. Representatives of the indigenous energy company made this known at the recently-concluded Society of Petroleum Engineers (SPE)’s 2024, Nigeria Annual International Conference and Exhibition, (NAICE), which was held in Lagos. Oando Energy ResourcesGeneral Manager, Commercial, Akinbambo Ibidapo-Obe, outlined the company’s strategies for capitalising on this development, stressing the need for indigenous companies to rise to…

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