Hunton Andrews Kurth LLP advised Oando PLC (“Oando”), Nigeria’s leading energy solutions provider listed on both the Nigerian Exchange and the Johannesburg Stock Exchange, on the successful acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, for a total consideration of $783 million.

This acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector. It is estimated that the transaction will double Oando’s total reserves, bringing them to over 1 billion barrels of oil equivalent for the first time.

“This is a very significant and strategic acquisition for Oando,” said Oando PLC’s Chief Legal Officer, Tomi Akpeneye. “The Hunton team provided us with excellent advice and support through to completion of this complex transaction. Their commitment to delivering for us and their knowledge of the oil and gas sector, were key to getting us to completion successfully.”

"We are delighted to have advised Oando on this acquisition and the related financing. We wish the Oando team well with this exciting next stage in the development of its upstream operations which will drive the future growth of the company,” said Hunton Andrews Kurth Partner Simon Collier.

"I extend our congratulations to the Oando team on successfully reaching financial close in this complex, multi-source acquisition financing in Nigeria," added Partner Dimitri Papaefstratiou."

The Hunton Andrews Kurth team was led by London Energy Partners Simon Collier and Dimitri Papaefstratiou, with Collier leading on the corporate aspects of the transaction and Papaefstratiou on the acquisition financing. Other team members included Alex Cunningham, Joseph Lam, Edgar Thornton, Scott Loader, Emmanuel Olawore, James Bennett and Lucy Robertson.