Italian oil major Eni has agreed to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando, as the energy giant moves out of the country.
Eni is selling its onshore assets in Nigeria as rampant oil theft from pipelines and perpetual clashes continue to bite hard.
Eni’s NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, the group said.
The deal is subject to local and regulatory authorisation.
Similar approvals have been held back by legal and political issues in Exxon’s and Shell’s assets sales.