Oando PLC emerged as the winner of the prestigious ‘Deal of the Year’ award at Africa Energy Week (AEW) 2024. The award was presented by the Africa Energy Chamber (AEC) during a Gala and Award night held at the Cape Town International Conference Center (CITCC). Oando was recognized for its groundbreaking $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Eni, a major Italian energy firm, on August 22, 2024.
This acquisition, which had been in the works for a decade, marked a significant milestone for Oando. It doubled the company’s stake in the ConocoPhillips/NAOC/NNPC Joint Venture to 40% and positioned Oando as the operator of the assets. The Group Chief Executive, Wale Tinubu CON, expressed his delight and honor in receiving the award, attributing it to the dedication and hard work of the entire Oando team.
The acquisition of NAOC is a testament to Oando’s 30-year journey in the energy sector. It reflects the company’s strategic planning, commitment to excellence, and vision of becoming Africa’s first indigenous International Oil Company. The Deal of the Year award recognizes transformative deals that drive advancements in energy and economic growth, highlighting excellence in negotiation, strategic alignment, innovation, and collaboration.
The theme of this year’s AEW was “Invest in Africa Energies: Energy Growth Through an Enabling Environment”. The AEC awarded various stakeholders in the energy sector, including International Oil Companies (IOCs) and National Oil Companies (NOCs), in different categories. Oando’s win solidified its position as a key player in Africa’s energy landscape.
Overall, Oando’s acquisition of NAOC not only signifies a significant milestone for the company but also showcases its commitment to indigenous participation in the energy industry. The award serves as a testament to Oando’s vision, resilience, and dedication to driving innovation and growth in the sector.
This article was distributed by APO Group on behalf of Oando PLC and highlights the company’s achievements and recognition at Africa Energy Week 2024.
