John Smith
Mon, Sep 11, 2023 1:25 PM

Eni and Oando PLC Reach Agreement for Transfer of Nigerian Agip Oil Company Ltd (NAOC Ltd)

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Eni and Oando PLC Reach Agreement for Transfer of Nigerian Agip Oil Company Ltd (NAOC Ltd)
Eni and Oando PLC have signed an agreement for the transfer of Nigerian Agip Oil Company Ltd (NAOC Ltd), an Eni subsidiary operating in Nigeria's onshore hydrocarbon exploration and production sector. As part of the deal, Enilive, a new brand of Eni Sustainable Mobility, focusing on biorafinnation, biogas, and smart mobility, has been established in Italy. This article provides an overview of the agreement and highlights Eni's commitment to sustainable energy solutions.

Eni, the Italian multinational energy company, and Oando PLC, the leading Nigerian energy company, have reached an agreement for the transfer of Nigerian Agip Oil Company Ltd (NAOC Ltd). NAOC Ltd, a wholly-owned subsidiary of Eni, is actively engaged in onshore hydrocarbon exploration and production, as well as power generation, in Nigeria.

The transfer includes NAOC Ltd's holdings in four onshore blocks (OML 60, 61, 62, 63) operated as part of the NAOC Joint Venture (with 20% ownership for NAOC Ltd, 20% for Oando, and 60% for NNPC E&P Limited). Additionally, NAOC Ltd holds interests in the Okpai 1 and 2 power plants, with a combined installed capacity of 960MW, and two onshore exploration licenses (OPL 282 and OPL 135, with 90% and 48% ownership, respectively), where it also acts as the operator. However, the stake held by NAOC Ltd in the SPDC JV (Shell Production Development Company Joint Venture) will remain under Eni's portfolio and is not part of the transaction.

The transfer marks an important step for both Eni and Oando PLC in optimizing their operations and focusing on their core strengths. Eni, through its new brand Enilive under Eni Sustainable Mobility, aims to consolidate its expertise in the field of biorafinnation, biogas production, smart mobility solutions, and the marketing and distribution of various energy vectors for mobility. The Enilive Station network, with over 5,000 stations across Europe, offers a wide range of products, including bio-based fuels like Hydrogenated Vegetable Oil (HVO), bio-LPG, and biogas, as well as hydrogen and electric options. Other products such as bitumen, lubricants, and fuels are also part of the Enilive network's offerings.

Enilive's objective is to progressively decarbonize its services and products, contributing to the overall energy transition and Eni's commitment to achieving carbon neutrality by 2050. The company aims to accelerate the reduction of emissions throughout the entire life cycle of its products. This is further supported by Eni's industrial assets, including the biorafinneries in Venice and Gela, the St. Bernard Renewables LLC biorafinnery joint venture in Louisiana, 22 biogas production plants in Italy, and ongoing project evaluations for two additional biorafinneries in Livorno and Pengerang (Malaysia).

Eni Sustainable Mobility plans to increase its biorafinnation capacity from the current 1.6 million tonnes per year to over 3 million tonnes per year by 2025, with a long-term goal of surpassing 5 million tonnes per year by 2030.

Source of content: OOO News 2023-09-11 News

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