Oil & Energy

Oando Completes $783m Acquisition Agip Oil Company

Published

2 years ago

August 26, 2024

Oando Plc says it has completed the acquisition of 100 per cent shareholding interest in the Nigerian Agip Oil Company (NAOC) from Eni, for a total consideration of $783 million, including consideration for the asset and reimbursement.
A statement signed by the Company’s Secretary and Chief Compliance Officer, Ayotola Jagun, and released on the Nigerian Exchange (NGX) Limited, stated that the acquisition marked 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.
The transaction, the statement revealed, would increase Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20 per cent to 40 per cent.
It stated that, “the transaction will also increase Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture Assets and infrastructure, which include forty discovered oil and gas fields, of which 24 are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the KwaleOkpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure”.
It added that based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe with the transaction to deliver a 98 per cent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe; and the transaction is immediately cash generative and will contribute significantly to the cash flows of the company
Speaking, Group Chief Executive, Oando Plc, Wale Tinubu said, “today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realisation of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio.
“It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands, and play a pivotal role in this next phase of the nation’s upstream evolution”.
Tinubu continued, “with our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential, advancing production and contributing to our strategic objectives.
“This we will do while prioritising responsible practices and sustainable development in ensuring a balanced approach to our host communities, and environmental stewardship as we complement the nation’s plan to boost production output”.
On the future, the Oando CEO assured that the Company would continue to pursue strategic diversification opportunities within the broader energy sector that provide enhanced growth and value creation for its stakeholders, particularly in clean energy, agri-feedstock sector, energy infrastructure and mining.

Oil & Energy

FG Intensifies Efforts To Reposition Tourism Sector

Published

3 hours ago

May 18, 2026

The Tide

The Federal Government has intensified efforts towards reposition Nigeria’s hospitality and tourism industry for global competitiveness, aimed at strengthening regulation, professionalism and workforce standards across the sector.

This was made known last week when the National Institute for Hospitality and Tourism (NIHOTOUR) conferred fellowships, inducted professionals and inaugurated the governing boards of the Hospitality and Tourism Sector Skills Council of Nigeria (HTSSCN) in Abuja.

The high-profile event, held at Merit House, Maitama, drew senior government officials, regulators, tourism operators, cultural institutions, hospitality investors and development partners in what stakeholders described as a major institutional shift .

Government also formally inducted registered practitioners into various professional categories while also inaugurating the Board of Trustees and Board of Directors of the HTSSCN, an employer-led platform designed to align workforce competencies with industry expectations.

Speaking at the event, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, said the initiative represented a strategic intervention to strengthen accountability, standards and institutional coordination within Nigeria’s tourism and hospitality ecosystem.

According to the minister, Nigeria’s vast cultural assets, tourism destinations and creative talents can only translate into sustainable economic value through professionalism, regulation and globally accepted operational standards.

She noted that tourism and hospitality industry remains one of the fastest-growing sectors globally, contributing significantly to employment generation, foreign exchange earnings and cultural diplomacy.

Musawa explained that NIHOTOUR Establishment Act has expanded the institute’s mandate beyond training, positioning it as a regulatory and certification authority for hospitality, tourism and travel practitioners in the country.

“No sector can attain sustainable growth without structure, standards, institutional coordination and skilled professionals,” she said, stressing the need for stronger collaboration between government agencies, operators, training institutions and private sector stakeholders.

In his keynote address, the Director-General and Chief Executive Officer of NIHOTOUR, Abisoye Fagade, described the event as a historic turning point in the formalisation of Nigeria’s tourism and hospitality industry.

Fagade said the induction of practitioners, conferment of fellowships and inauguration of the HTSSCN governing boards marked the beginning of a new era of institutional governance, professional recognition and sector-wide coordination.

“Regulation and standardisation are no longer optional; they are economic necessities if Nigeria truly intends to compete globally,” he stated.

By: Nkpemenyie Mcdominic, Lagos

Oil & Energy

Big Oil Reconsiders Previously Unattractive Destinations

Published

3 hours ago

May 18, 2026

The Tide

The Middle Eastern crisis has prompted a reprioritization among international oil companies. Previously unattractive drilling destinations are suddenly looking quite attractive—even Alaska.

The oldest oil and gas producing part of the United States has for years been out of the spotlight as the industry moves to cheaper and faster-growing locations. The only news of any substance about Alaska recently was the Biden administration’s approval of the Willow project, led by ConocoPhillips, which was set to boost the state’s oil output by 160,000 barrels daily, and Australian Santos’ Pikka project, set to start commercial production this year. That was years ago. Now, Big Oil is eager to drill in Alaska.

Earlier this month, a lease sale in the National Petroleum Reserve in Alaska attracted record bids, worth a total $163 million. Among the bidders were Exxon, Shell, and Repsol, with the latter already partnering with Santos on the Pikka development. And this may be just the beginning.

Related: Saudi Aramco Looks to Raise $10 Billion from Real Estate Asset Deal

The Bureau of Land Management offered 625 tracts across about 5.5 million acres for bid in the sale, revived at the end of last year by the Trump administration. No lease sales were held in the National Petroleum Reserve in Alaska under President Biden. Yet under Trump’s One Big Beautiful Bill, there will be a total of five lease sales in Alaska over the next ten years.

“With the imminent start-up of the Pikka project on the North Slope, the reversal in the decline of oil production in the great state of Alaska is going to help put more oil in the Pacific area at an important moment,” Repsol’s head of upstream operations, Francisco Gea, said as quoted by the Financial Times. Gea called Alaska “a fantastic opportunity”. The Pikka project, which has a price tag of $4.5 billion, will produce up to 80,000 barrels daily.

It is indeed a fantastic opportunity, at the very least because it is nowhere near the Middle East and as such is a highly secure energy exploration destination. Canada is in a similar position, by the way: the head of the International Energy Agency earlier this month told an industry event Canada had a golden opportunity to step in as a secure energy supplier in a world that’s currently 14 million barrels daily short on supply because of the Middle Eastern crisis.

Security, then, is what has prompted Big Oil to return to the North—even Shell, which left in 2015 after writing off as much as $7 billion on an unsuccessful drilling campaign hampered, among other things, by strong environmentalist opposition. According to the Financial Times, the supermajor’s decision to partake in the latest Alaska lease sale was surprising for analysts.

However, according to chief executive Wael Sawan, the lease sale concerns a different part of the state. “It is a very, very, very different part of Alaska that we have gone to,” he told the Financial Times. “This is an onshore exploration opportunity in a very well-established basin that has been producing for some time… So this is not offshore Alaska where we have had the challenges in the past.”

Crude oil is not the only thing drawing the energy industry to Alaska in these times of oil and gas trouble. Gas is also a magnet—in this case, in the form of the Alaska LNG project. Interest in the Alaska LNG export project has spiked since the war in the Middle East choked 20% of global LNG supply and sent Asian buyers scrambling for expensive spot cargoes.

Glenfarne Group, the majority owner and developer of the facility, aims to sign binding offtake agreements with buyers soon and advance final investment decisions to later in 2026 and early 2027, company executives told media earlier this year on the sidelines of an energy conference in Tokyo.

“There’s a real interest, particularly with everything happening in the Middle East right now. Everyone would like to get those (preliminary deals) turned into long-term agreements,” Adam Prestidge, president of Glenfarne Alaska LNG, told Reuters in March.

Alaska LNG is designed to deliver North Slope natural gas to Alaskans and export LNG to U.S. allies across the Pacific. An 800-mile pipeline is planned to transport the gas from the production centers in the North Slope to south-central Alaska for exports. In addition, multiple gas interconnection points will ensure meeting in-state gas demand.

The latest Alaska developments show clearly how the Middle East war has put energy security back in the spotlight, making previously challenging locations desirable again. With an estimated 1 billion barrels of oil supply wiped out of markets since the war began, according to Aramco’s Amin Nasser, alternative supply sources have become urgently needed, and not just for the short term. Even if the Strait of Hormuz reopens soon—which at the moment seems unlikely—energy security will in all probability remain a top priority both for energy producers and for consumers.

By Irina Slav for Oilprice.com

Oil & Energy

PenCom Grants PFAs Waiver To Invest In Dangote Refinery IPO

Published

3 hours ago

May 18, 2026

The Tide

The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a special regulatory waiver allowing them to invest pension assets in the upcoming Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP).

The waiver, announced in a circular dated May 13, 2026, effectively suspends several investment restrictions, marking a significant shift in PenCom’s stance on equity investments by PFAs.

PenCom clarified that the decision is a one-off exception, issued in light of Dangote Refinery’s economic importance and strong investment fundamentals.

The new policy permits PFAs to invest in the IPO, bypassing the usual requirements for corporate profitability and dividend history that are typically mandatory for PFA investments.

The circular emphasised that the regulatory body carefully considered the strategic significance of the Dangote Refinery, which is part of a broader $40 billion expansion project in oil refining, fertiliser production, and other industries.

The Commission also highlighted the refinery’s strong financial backing and the established performance record of Dangote Industries Limited, its majority shareholder.

The circular said “The Commission has carefully evaluated the strategic investment opportunity and the economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy.

“In light of these considerations, the Commission has reviewed the request for a special dispensation that would permit Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO”.

PenCom acknowledged Dangote Refinery’s role in advancing Nigeria’s oil sector and its potential to driving broader economic growth.

It confirmed that the waiver does not set a precedent for future IPOs but is a specific and singular exception due to the refinery’s large-scale impact on Nigeria’s economy.

It would be noted that the Dangote Refinery IPO is set to open in mid-2026 and will offer approximately 10% of the company’s equity to the public.

This move is part of Dangote Group’s strategy to raise funds for further industrial expansion.

The IPO is expected to be one of the largest public offerings in Africa, with the refinery’s valuation potentially reaching $50 billion (about N70 trillion).