Oando Wins ‘Deal of the Year’ at Africa Energy Week for $783M Agip Acquisition

Oando PLC, a leading name in Africa’s energy industry, has secured the prestigious ‘Deal of the Year’ award at the Africa Energy Week (AEW) 2024 for its monumental acquisition of the Nigerian Agip Oil Company (NAOC).

The award, given during a ceremony held on November 5, 2024, at the Cape Town International Conference Centre, acknowledges Oando’s transformative $783 million deal with Italian energy giant Eni.

This ambitious acquisition, described by Oando as a decade-long pursuit, follows the company’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture in 2014. At that time, Oando acquired ConocoPhillips’ Nigerian assets, significantly boosting its stake in the joint venture to 40% and establishing operational control over NAOC’s assets.

With the completion of the latest acquisition, Oando’s standing in Nigeria’s oil and gas landscape has reached new heights, giving the company access to NAOC’s extensive resources, including pipelines, gas processing plants, and export terminals.

Wale Tinubu, Group Chief Executive of Oando PLC, shared his pride in receiving the award, expressing that this win reflects the company’s resilience and long-term vision. “This award is more than just an accolade for a successful deal closure; it represents a public acknowledgment of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision,” he stated.

The ‘Deal of the Year’ award, presented by the Africa Energy Chamber (AEC), is among the highest honors in Africa’s energy industry. The award recognizes deals that demonstrate excellence in negotiation, strategic alignment, and innovation, showcasing impactful projects that drive economic and energy advancements across the continent. This year’s AEW theme, “Invest in Africa Energies: Energy Growth Through an Enabling Environment”.

Through this acquisition, Oando aims to expand its footprint and become one of Africa’s leading indigenous oil companies. According to energy experts, the increased participation of local companies in Nigeria’s oil industry is a crucial step for the sector.