London — Italian energy group Eni has signed an agreement to sell its unit Nigerian Agip Oil Company, NAOC, to Nigerian counterpart Oando (OANDO.LG), the group disclosed in a statement.
NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, Eni said without providing the financial details of the accord.
After the sale, which is subject to authorization of local and regulatory authorities, Eni will retain NAOC’s 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell (SHEL.L), the group added.
The statement did not touch on legacy issues such as operational oil spill impact on communities and mitigation efforts.
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This article was originally posted at sweetcrudereports.com
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