Oando Plc has been awarded the “Energy Deal of the Year 2024” at the Nigeria International Energy Summit 2025 in recognition of its transformative $783 million acquisition of the Nigerian Agip Oil Company from the Italian energy firm Eni.
This landmark acquisition, a culmination of a decade-long strategic journey since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture in 2014, through the acquisition of ConocoPhillips Nigeria’s business, doubled the company’s stake to 40% and established Oando as the operator of key upstream assets.
A statement by the company who is listed on the Nigerian Stock Exchange and Johannesburg Stock Exchange on Thursday, said these assets include forty discovered oil and gas fields, extensive pipeline infrastructure, three gas processing plants, the Kwale-Okpai power plant with a total nameplate capacity of 960MW, and associated infrastructure, and the Brass River Oil Terminal, significantly boosting Oando’s total 2P reserves to 1.0 billion boe.
The statement read, “The NIES ‘Energy Deal of the Year 2024’ award, a prestigious recognition, celebrates transformative and impactful deals that drive advancements in energy and economic growth.
“The Nigeria International Energy Summit, officially endorsed by the Federal Executive Council, serves as a global platform for stimulating discussion, interactions, and signing high-level deals. Oando’s recognition at this prestigious event underscores its leadership and strategic vision in Africa’s energy sector.
“This award, which highlights excellence in negotiation, strategic alignment, innovation, and collaboration, is a testament to Oando’s leadership and strategic vision in the energy sector.”
Reacting, the Managing Director of Oando Energy Resources, Dr Ainojie Irune, at the Gala and Industry Award ceremony in Abuja after receiving the award, attributed the success to the company’s strategic focus to ramp up its production in a sustainable way.
Post-acquisition, the company emphasised optimizing its asset portfolio, enhancing security measures, leveraging advanced technologies like data analytics and digitalization, as well as strengthening community partnerships.
Recently, the oil firm announced its robust performance in 2024, bolstered by its $783m acquisition of Nigerian Agip Oil Company in August 2024.
The acquisition also significantly impacted the company’s FY 2024 financial results, resulting in a 45 per cent surge in revenue to N4.1tn.
Most recently, the company rewarded its shareholders with 1.28bn additional shares in the form of stock dividends. The shares distribution, which is in two tranches, was done to encourage long-term value appreciation, including future dividend prospects.
The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history.
