Oando Wins Energy Deal of the Year
Oando Plc has been honored with the Energy Deal of the Year 2024 award at the Nigeria International Energy Summit (NIES) 2025 in recognition of its landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni.
The acquisition, finalized in August 2024, marked a significant milestone in Oando’s strategic expansion, doubling its stake in the ConocoPhillips/NAOC/NNPC Joint Venture (JV) to 40% and making the company the operator of key upstream assets. These assets include 40 discovered oil and gas fields, extensive pipeline networks, three gas processing plants, the 960MW Kwale-Okpai power plant, and the Brass River Oil Terminal. This move also boosted Oando’s total 2P reserves to 1.0 billion barrels of oil equivalent (boe).
The NIES Energy Deal of the Year award, presented in Abuja, recognizes transformative transactions that drive industry growth and economic development. It highlights excellence in negotiation, strategic alignment, innovation, and collaboration within the energy sector.
Dr. Ainojie ‘Alex’ Irune, Managing Director of Oando Energy Resources (OER), accepted the award at the Gala and Industry Award ceremony, emphasizing the company’s focus on sustainable production growth, asset optimization, enhanced security measures, and digital innovation.
Oando’s performance in 2024 was significantly strengthened by the NAOC acquisition, contributing to a 45% revenue increase to N4.1 trillion in its full-year financial results. The company also rewarded its shareholders with 1.28 billion additional shares in stock dividends – the largest in its history – distributed in two tranches to encourage long-term value appreciation.
The Nigeria International Energy Summit, endorsed by the Federal Executive Council (FEC), serves as a global platform for high-level discussions and strategic energy deals. Oando’s recognition at this prestigious event reaffirms its leadership and vision in shaping the future of Africa’s energy industry.
