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Emmanuel Addeh in Abuja
Oando Plc, Africa’s leading energy solutions provider has been awarded 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 landmark acquisition, 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 include 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 NIES Energy Deal of the Year 2024 award in Abuja, a prestigious recognition, celebrates transformative and impactful deals that drive advancements in energy and economic growth.
The award, which highlights excellence in negotiation, strategic alignment, innovation, and collaboration, the company said, is a testament to its leadership and strategic vision in the energy sector.
At the Gala and Industry Award ceremony in the federal capital, Dr. Ainojie ‘Alex’ Irune, Managing Director of Oando Energy Resources (OER), received the award, underscoring the company’s strategic focus to ramp up its production in a sustainable way.
Post-acquisition, the company emphasised optimising its asset portfolio, enhancing security measures, leveraging advanced technologies like data analytics and digitalization, as well as strengthening community partnerships.
This news comes in the wake of Oando’s robust performance in 2024, bolstered by its $783 million 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.
Most recently, the company rewarded its shareholders with 1.28 billion additional shares in the form of stock dividends. The shares distribution which is in two tranches was done to encourage long term value appreciation including future dividend prospects.
The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history, the company said.
The NIES 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 the prestigious event underscores its leadership and strategic vision in Africa’s energy sector, the statement added.
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