Oando Plc, an indigenous oil company based in Nigeria, has been honored with the esteemed ‘Deal of the Year’ award at Africa Energy Week 2024, following its significant $783 million acquisition of the Nigerian Agip Oil Company from the Italian energy firm Eni on August 22, 2024. This recognition is a remarkable achievement, as Oando’s deal stood out among many high-profile transactions in the oil and gas sector across Africa. The Africa Energy Chamber, which orchestrates this annual week-long oil and gas conference, acknowledged various stakeholders during a gala and award night held at the Cape Town International Conference Center. Oando’s acquisition reflects a strategic milestone for the company, which has been pursuing this goal for a decade.
The acquisition comes as a major boost for Oando, as it successfully doubled its stake in the ConocoPhillips/NAOC/NNPC Joint Venture from 20% to 40%, enabling the company to take on the role of operator for the assets. This transaction has been a long-standing ambition for Oando since it entered the joint venture in 2014, when it acquired the ConocoPhillips Nigeria business. The completion of this acquisition marks a substantial step in Oando’s growth trajectory, indicating its dedication to becoming a leading indigenous oil and gas player in Africa. Group Chief Executive Wale Tinubu expressed the company’s pride in winning the award, emphasizing that this achievement reflects not only successful negotiations but also the culmination of 30 years of hard work, resilience, and a unified vision among the team.
During the award acceptance, Wale Tinubu highlighted the significance of the accolade as more than just recognition for a successful transaction. It symbolizes the commitment, determination, and innovation that Oando has demonstrated over three decades. The company has consistently pursued its vision of becoming Africa’s first indigenous international oil company, which entails not only expanding its operational capacity but also enhancing the overall indigenous participation in the energy sector. This recognition from the Africa Energy Chamber underscores the company’s strategic focus and the culmination of years of preparation and perseverance.
The ‘Deal of the Year’ award evaluates transformative deals within the energy sector, focusing on negotiation excellence, strategic alignment, and overall impact on economic growth and energy development. Oando’s acquisition of the Nigerian Agip Oil Company not only aligns with these criteria but also fits within the broader theme of this year’s Africa Energy Week, which emphasizes investment and growth within the African energy landscape. By receiving this accolade, Oando sets a precedent for indigenous companies aspiring to make impactful contributions to the energy sector while navigating a competitive industry landscape marked by challenges and opportunities.
Throughout its 30-year history, Oando has strategically engaged with various stages of the energy value chain. From upstream oil exploration and production to downstream refining and distribution, the company has consistently demonstrated innovation and adaptability, paving the way for greater indigenous involvement in an industry traditionally dominated by international oil companies. The successful completion of the acquisition is a testament to Oando’s commitment to fostering local expertise, generating economic growth within Nigeria, and empowering the next generation of energy leaders in Africa.
The Africa Energy Week 2024 not only celebrated Oando’s achievement but also recognized other international and national oil companies through awards across ten categories, showcasing the growth and potential of the African energy sector. As the continent continues to evolve in response to global energy needs, the emphasis on fostering an enabling environment for energy investments is paramount. With the focus on development, collaboration, and innovation, the recognition of outstanding deals like Oando’s acquisition serves as a motivational example for other companies aspiring to make a difference in the energy landscape, thereby contributing to the economic growth and prosperity of Africa.
