Italian oil and gas giant, Eni, has announced the sale of its wholly-owned subsidiary, Nigerian Agip Oil Company Ltd. The sale is centered on the onshore oil and gas exploration and production subsidiary which has been operating in Nigeria. The move is a part of Eni's overall strategy to divest non-core assets as well as streamline its operations in emerging markets. The announcement of this sale has caused a stir in the Nigerian oil and gas industry as investors are closely monitoring the next steps in the deal.
1. Eni, an Italian oil and gas giant, has announced the sale of its wholly-owned subsidiary, Nigerian Agip Oil Company Ltd.
2. The sale is focused on the onshore oil and gas exploration and production subsidiary operating in Nigeria.
3. This sale is part of Eni's strategy to divest non-core assets and streamline operations in emerging markets.
4. The sale has caused a stir in the Nigerian oil and gas industry as investors closely monitor the next steps in the deal.
5. Eni aims to enhance its operational efficiency and optimize its resources for maximum value creation in Nigeria's energy sector by divesting in Nigerian Agip Oil Company Ltd.
Eni's Nigerian Agip Oil Company Ltd had a production capacity of approximately 100,000 barrels of oil per day in 2020.
The sale of Nigerian Agip Oil Company Ltd marks a significant development in Eni's operations in Nigeria. As a wholly Eni-owned subsidiary, the company has primarily focused on onshore oil and gas exploration and production in the country. This decision reflects Eni's strategic plans to streamline its portfolio and concentrate on core activities. By divesting in Nigerian Agip Oil Company Ltd, Eni aims to enhance its operational efficiency and optimize its resources for maximum value creation in Nigeria's energy sector.