NAOC acquisition earns Oando award
Oando Plc has been adjudged as the company with the most impactful and transformative deal in Africa
At the Africa Energy Week (AEW) 2024, Oando emerged winner of the ‘Deal of the Year’ award in recognition of Oando’s $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian Energy firm Eni on August 22, 2024.
The Africa Energy Chamber (AEC), the organisers of the annual week-long oil and gas conference, hosted and recognised different stakeholders at a Gala and Award night held at the Cape Town International Conference Center (CITCC), South Africa.
According to the organisers, the “Deal of the Year” award recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.
The NAOC acquisition, 10 years in the making since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the company acquired ConocoPhillips Nigeria business, doubled Oando’s stake in the JV to 40 per cent and operator of the assets.
Group Chief Executive, Oando Plc, Mr. Wale Tinubu said the company was delighted and honoured to receive the ‘Deal of the Year’ award, which further celebrated what has been a remarkable year on many fronts.Related News
“First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second international oil company in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.
“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision,” Tinubu said.
He pointed out that NAOC acquisition was the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous international oil company.
According to him, the acquisition was a testament to the organisation’s 30-year journey spanning the entire energy value chain, with consistent and deliberate actions at each stage that have led to the advancement of indigenous participation in the industry.
He commended the staff, financiers and partners of Oando for their belief and role in making the deal and the resultant award a reality.
With this year’s AEW theme of “Invest in Africa Energies: Energy Growth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognised other persons, International (IOCs) and National Oil Companies (NOCs) across the continent through awards in 10 categories.
