The AGIP & OANDO deals: Bloomfield advises the Federal Government of Nigeria on the Grant of Relevant Consents and Approvals
Bloomfield LP (“Bloomfield”), is pleased to have advised the Federal Government of Nigeria (“FGN”), on the transfer of the one hundred percent (100%) issued shares in Nigerian Agip Oil Company Limited (“NAOC”), held by Eni International B.V. and Eni Oil Holdings B.V., to Oando Oil II Cooperatief UA (“Oando” or the “Transferee”); and the assignment of nineteen percent (19%) participating interest in Oil Mining Leases 60, 61, 62 and 63 (the “Assets”) by NAOC (the “Assignor”) to Oando Petroleum and Natural Gas Company Limited (the “Assignee”) (collectively, the “Transactions”).
As a critical requirement for the completion of the Transactions, formal consent has been given by the FGN in respect of the same. As part of our ongoing legal services and support to ministries, departments and agencies of the FGN, Bloomfield conducted an extensive legal and regulatory due diligence exercise, within short timelines, to determine, inter alia, the legal status, technical competence, financial capability of the Transferee and the Assignee, compliance with the Petroleum Act/ Petroleum Industry Act, the Assignor’s track record on the Assets, issues connected with the environment, regulatory compliance, governmental and third-party liabilities and the history of the Assignor’s relationship with previous assignees, which are all crucial to the grant of the requisite consents and approvals for the consummation of the Transactions.
The Bloomfield team provided exceptional support to the FGN to help make the important decision to grant all necessary approvals and consents. Our involvement was crucial in light of the FGNs renewed direction for creating an enabling business environment. Hence, the involvement of advisers with commercial best practices so consent is not only granted from a regulatory perspective. Bloomfield’s support to the FGN, reiterates its strong industry expertise, experience and dedication to ensuring compliance with the provisions of the extant laws in the petroleum industry and to improve the attractiveness of doing business in Nigeria from commercial and sustainable perspectives.
Further, the recent grant of ministerial consent reiterates the continued willingness and capacity of the FGN to create an investor-friendly environment in the Nigerian petroleum sector. The Bloomfield team, which advised and rendered support to the FGN on the viability and suitability of the Transactions for all requisite consents and approvals, was led by Dr. Ayodele Oni, Chair of the Energy and Natural Resources Practice and was supported by other exceptionally brilliant and hardworking Associates within its team.