TGS - Eni's Sale to Oando Approved Amid Nigeria Regulatory Shifts | Benzinga
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the sale of Eni SpA's (NYSE: E) local unit, Nigerian Agip Oil Company ("NAOC"), to Oando in a significant development for Nigeria's oil sector.
The approval marks a crucial step forward for the transaction, which includes the transfer of interests in four onshore oil mining leases - 60, 61, 62 and 63.
Announced initially in September 2023, the sale of NAOC to Oando had been pending for months due to regulatory requirements under Nigeria's new oil industry law. The law mandates that such deals receive a sign-off from the petroleum minister, a process that had caused considerable delays.
Gbenga Komolafe, the head of the NUPRC, confirmed the approval during an energy conference in Abuja, highlighting the regulatory body's commitment to facilitating smoother transitions in the sector. This move is seen as part of a broader strategy to streamline approvals and encourage responsible divestments by international oil companies.
Simultaneously, the NUPRC has sanctioned the sale of Equinor's (NYSE: EQNR) assets to the new entrant, Project Odinmim. ...