Italian energy group Eni (ENI.MI) signed on Monday an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando (OANDO.LG), the group said 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.
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According to Reuters, 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.
