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.
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