The decision of Oando Oil Limited (OOL) to acquire Nigerian Agip Oil Company (NAOC) from Italian oil & gas company, Eni, could result in legal implications, following the allegation of contractual breach.
In a letter by the Nigerian National Petroleum Company (NNPC) Limited, it was revealed that Eni didn’t adhere to the procedures of disposing or transferring interests held in the joint venture.
Eni, through Agip, is the operator of the Oil Mining Licenses (OML) 60, 61, 62, and 63, which it co-owns with the NNPC E&P Limited and Oando, both of which holds 60 per cent and 20 per cent respectively.
