The Nigerian National Petroleum Company Limited Exploration and Production has opposed the divestment of the Nigerian Agip Oil Company’s participating interest in its joint venture partnership, over non-conformity to regulatory processes, TheCable understands.that it reached an agreement with Eni, on the acquisition of a 100 percent stake in NAOC Limited.
Prior to the deal, which is subject to regulatory approvals and ministerial consent, NAOC held a 20 percent participating interest in its JV partnership with non-operators NNPC E&P and Oando .It also held a 5 percent participating interest in the Shell Production Development Company — which Eni said is not included in the transaction and will be retained in its portfolio.
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