The Federal Government announced the completion of divestment deals between Nigeria Agip Oil Company and Oando Plc, as well as between Equinor and Project Odinmim, worth a total of around $1.5 billion.
According to Vanguard News, Nigeria's functional oil rigs increased to 34 as of June 2024, and the Nigerian Upstream Petroleum Regulatory Commission has put 31 oil blocks up for bidding in the 2024 Licensing Round, with the registration exercise closing in 48 hours.
The NUPRC CEO provided updates on the $2.4 billion Shell Petroleum Development Company and Renaissance divestment deal, as well as the $1.2 billion ExxonMobil and Seplat deal, noting that documents for the SPDC-Renaissance deal have been submitted and are undergoing due diligence, while the parties involved in the ExxonMobil-Seplat deal have expressed commitment to apply for ministerial consent.
In September 2023, Oando Plc reached an agreement with Eni to acquire 100% of the shares of the Nigerian Agip Oil Company Limited, increasing Oando's participating interests in certain oil mining leases from 20% to 40%.
In November 2023, Norwegian energy firm Equinor hired Standard Chartered to assist in the sale of its 20% stake in the Agbami offshore oilfield in Nigeria, which could fetch up to $1 billion.