Nigerian Agip Oil Company

What Nigerian Agip Oil Company does

Nigerian Agip Oil Company Limited (NAOC) is a private upstream oil and gas company incorporated and operating in Nigeria, headquartered in Maitama. It holds interests in producing oil and gas fields and joint venture operations in the Niger Delta, focusing on land and marsh acreage alongside partners including Shell and Nigerian government entities. Its principal assets include producing fields and stakes in midstream infrastructure, most notably the Trans-Niger Pipeline, which serves as the key egress route to refineries, export terminals, and gas processing facilities. The reserves base associated with these assets is reported in excess of 500 million barrels, supporting a production level of approximately 32,482 boepd following JV consolidation in 2025.

Historically, NAOC operated as a wholly-owned subsidiary of the Italian integrated energy company Eni. In 2024, Eni divested NAOC to Oando Plc, Nigeria's leading indigenous energy company, in a $783 million transaction that was recognized as the Oil and Gas Deal of the Year, Africa at the 2025 IJGlobal Investor Awards. Following the acquisition, NAOC operates as part of Oando's expanded upstream portfolio, with consolidated financial results reported within Oando's N3.21 trillion full-year 2025 revenue. Revenue mechanics are commodity-driven: NAOC produces crude oil and gas that flow through pipeline infrastructure to offtakers, with no publicly disclosed pricing model or customer-level revenue split. The business carries elevated jurisdictional and security risk, exemplified by the June 2026 attack on the Trans-Niger Pipeline at Odau in Rivers State, which disrupted primary midstream egress alongside adjacent Shell facilities.

Name

Nigerian Agip Oil Company

Legal name

Nigerian Agip Oil Company Limited

Website

https://eni.com

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

10,001+ employees

Short description

Nigerian Agip Oil Company Limited is a private Nigerian upstream oil and gas producer operating producing fields and pipeline infrastructure in the Niger Delta, now a subsidiary of Oando Plc following a $783 million acquisition from Eni in 2024.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Operations

NAICS

Oil and Gas Extraction (211), Natural Gas Extraction (21113), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

Keywords

• Upstream oil and gas
• Petroleum production operations
• Pipeline infrastructure operations
• Joint venture oil exploration
• Natural gas production

Headquarters

HQ city

Rome

HQ country

Italy

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Core offering

Nigerian Agip Oil Company Limited (NAOC) operates as an upstream oil and gas exploration and production company in Nigeria, focusing on land and marsh areas in the Niger Delta region. The company holds joint venture interests in producing oil and gas fields, owns pipeline infrastructure including the Trans-Niger Pipeline, and contributes to Nigeria's domestic crude oil and gas production capacity.

Product overview

Nigerian Agip Oil Company Limited (NAOC) is an upstream oil and gas company operating in Nigeria. Based on available sources, NAOC was acquired by Oando Plc from Italian multinational Eni for $783 million. The company holds interests in joint venture operations including oil and gas production assets in the Niger Delta region. Specific product and service details for NAOC are not available in the provided sources.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Production

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Oando PlccoreStrategic or Co-development PartnerOando acquired Nigerian Agip Oil Company Limited from Eni for $783 million. The transaction significantly expanded Oando's operated asset base and consolidated its position as Nigeria's leading indigenous energy player. NAOC operates joint venture interests in producing oil and gas assets in the Niger Delta.
• ShellcoreStrategic or Co-development PartnerShell operates adjacent facilities in the Niger Delta region. Both NAOC and Shell facilities were targeted in a June 2026 attack on the Trans-Niger Pipeline at Odau in Rivers State, along with associated gas infrastructure causing a two-day fire incident.

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Oando Plc: NAOC's parent and the largest indigenous upstream operator in Nigeria; consolidated NAOC's production and reserves, and is the natural peer for benchmarking indigenous Nigerian E&P performance.
• ND Western Limited: Niger Delta-focused upstream operator that acquired part of Eni's Nigeria portfolio; directly comparable as an indigenous Nigerian E&P with Niger Delta producing assets.
• Shell Petroleum Development Company of Nigeria (SPDC): Shell's Nigerian JV operates adjacent upstream assets and shares JV interests and pipeline infrastructure in the Niger Delta alongside NAOC, making it the closest comparable operator with overlapping acreage, JV partners, and pipeline exposure.
• First Exploration & Petroleum Development: Nigerian indigenous upstream producer with JV interests in the Niger Delta; operates producing oil and gas assets comparable in scale and geography to NAOC.
• Seplat Energy: Leading Nigerian independent upstream operator with producing assets in the Niger Delta and JV interests with IOCs; comparable business model, geography, and indigenous-operator positioning to NAOC.
• Conoil Producing: Nigerian upstream oil and gas producer with onshore Niger Delta assets; comparable indigenous operator with producing fields similar to NAOC's portfolio.
• TotalEnergies EP Nigeria: Operates upstream oil and gas assets in Nigeria with similar JV structures, Niger Delta operations, and crude oil production, making it a directly comparable IOC upstream peer in Nigeria.

Emerging players

• Waltersmith Petroman Oil: Nigerian indigenous upstream operator with producing assets in the Niger Delta; smaller in scale but comparable business model and geographic focus.

Broad incumbents

• NNPC Limited (Nigerian National Petroleum Company): Nigerian national oil company and JV partner across Nigerian upstream operations; comparable as a counterparty and as the dominant upstream player shaping the operating environment for NAOC.
• ExxonMobil Nigeria (Upstream): Operates significant upstream oil and gas assets in Nigeria including deepwater production; comparable as an IOC upstream peer in Nigeria but at materially larger scale and offshore focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/eni

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nigerian Agip Oil Company