Eni has completed a deal to sell its oil assets in Nigeria to Oando for $783 million, marking a significant shift in the country’s oil industry.

This move follows similar asset sales by other major companies such as ExxonMobil, TotalEnergies, Shell, and Equinor, which are also divesting their onshore and offshore assets to local firms. These transactions come amid years of issues with oil spills, theft, and sabotage in the troubled Niger Delta region, which has significantly reduced Nigeria’s oil production. In July, the country’s oil output stood at 1.46 million barrels per day, well below its potential capacity of 2.2 million barrels per day.

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