Oando Plc has bagged the “Energy Deal of the Year 2024” at the Nigeria International Energy Summit (NIES) 2025 in recognition of its transformative $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian energy firm, Eni.
The milestone acquisition which is a culmination of a decade-long strategic journey since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014, through the acquisition of ConocoPhillips Nigeria’s business, doubled the company’s stake to 40 per cent and established Oando as the operator of key upstream assets.
The assets that came with the acquisition included 40 discovered oil and gas fields, extensive pipeline infrastructure, three gas processing plants, the Kwale-Okpai power plant with a total nameplate capacity of 960MW, and associated infrastructure, and the Brass River Oil Terminal, significantly boosting Oando’s total 2P reserves to 1.0 billion boe.
The award celebrated transformative and impactful deals that drive advancements in energy and economic growth as well as highlighted excellence in negotiation, strategic alignment, innovation, and collaboration, was a testament to Oando’s leadership and strategic vision in the energy sector.
At the Gala and Industry Award ceremony in Abuja, Dr. Ainojie ‘Alex’ Irune, Managing Director of Oando Energy Resources (OER), received the award, noting the company’s strategic focus to ramp up its production in a sustainable way. Post-acquisition, the company emphasized optimizing its asset portfolio, enhancing security measures, leveraging advanced technologies like data analytics and digitalization, as well as strengthening community partnerships
The latest award comes on the heels of Oando’s robust performance in 2024, bolstered by its $783Million acquisition of Nigerian Agip Oil Company (NAOC) in August 2024. The acquisition also significantly impacted the company’s full-year 2024 financial results, resulting in a 45 per cent surge in revenue to N4.1 trillion.
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The Nigeria International Energy Summit, officially endorsed by the Federal Executive Council (FEC), serves as a global platform for stimulating discussion, interactions, and signing high-level deals. Oando’s recognition at this prestigious event underscores its leadership and strategic vision in Africa’s energy sector.
