NIGERIAN REGULATOR APPROVES $500M SALE OF ENI'S ONSHORE OIL AND GAS EXPLORATION AND PRODUCTION ASSETS

Source: World Oil

NAOC Ltd's stake in SPDC JV (Shell Production Development Company Joint Venture - operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the scope of the transaction and will remain in Eni's portfolio.

Eni will maintain its presence in the country through investments in deepwater projects and Nigerian LNG. Eni has been operating in Nigeria since 1962, actively involved in oil and gas exploration and production, as well as power generation.

Eni currently has a significant portfolio of E&P assets, with capital production of approximately 40,000 boed net of NAOC's contribution. Eni also holds a 10.4% stake in Nigeria LNG.