Oando Plc has won the ‘Deal of the Year’ award at the Africa Energy Week (AEW) 2024.
The Africa Energy Chamber (AEC), organisers of the annual week-long oil and gas conference, hosted a Gala and Awards Night at the Cape Town International Conference Centre (CTICC) on Tuesday, November 5, 2024, to recognise key stakeholders in the energy sector.
Among the honoured companies was Oando, which received an award for its landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian energy giant Eni, completed on August 22, 2024. This deal stood out among other high-profile transactions across the African oil and gas industry.
This acquisition, which took a decade to finalise, follows Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the company purchased ConocoPhillips’ operations in Nigeria. This move has increased the company’s stake in the JV to 40% and granted it operational control over the assets.
In receiving the award, Oando Plc’s Group Chief Executive, Wale Tinubu, said, “We are delighted and honoured to receive the ‘Deal of the Year’ award from Africa Energy Week. It’s been a remarkable year on many fronts. First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second IOC in a decade, Nigerian Agip Oil Company (NAOC), and step up to the role of operator.
“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the #HumansOfOando, impossible is nothing. I’d like to thank the dream team, the #HumansOfOando, our financiers, and partners for their belief and role in making this award a reality.”
The Deal of the Year award “recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.”
With this year’s AEW theme of “Invest in Africa Energies: Energy Growth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognised individuals, International Oil Companies (IOCs), and National Oil Companies (NOCs) from across the continent, presenting awards in 10 categories.
