The NAOC Joint Venture

The NAOC JV includes the Nigerian Government, represented by the Nigerian Petroleum Development Company (NPDC), with 60% interest. The other JV partners are NAOC (20%), and Oando (20%). NAOC is the operator of four onshore mining leases for the JV (OML 60, OML 61, OML 62 and OML 63), and two onshore exploratory leases (OPL 282 and OPL 135). In addition, NAOC holds a 5% participating interest in another JV, namely the Shell Production Development Company Joint Venture (SPDC JV). The other partners in this JV are Shell Petroleum Development Company (30%), NNPC (55%,) and Total E&P Nigeria (10%). SPDC is the operator of this JV.

As partner of SPDC JV, the largest joint venture in the country, Eni also holds a 5% interest in 17 onshore blocks and in 3 shallow water blocks. As in all non-operated Joint Ventures, Eni contributes in the Operating Committee and Sub-committees with its ethical, environmental and social standards to the decisions and activities carried out by the operator, including on issues related to the management of oil spill and community issues management. The company has formal rules in place which ensure that it makes all reasonable efforts at the highest governance levels in order to guarantee that the JV’s Code is fully aligned with Eni’s one and keeps a record of the attempts to do so.