Nigerian Agip Oil Company (NAOC) plays a significant role in Nigeria's oil and gas sector, focusing on exploration, production, and community development. Founded in 1985 and based in Port Harcourt, Nigeria, the company also focuses on power generation. The company has deep roots in Africa, marking its first international venture outside of Italy.
Early History of Agip
The roots of Agip trace back to the 1920s when Italy faced a scarcity of coal, which impacted its trade balance and industrial growth. With a royal decree on April 3, 1926, the government of the Kingdom of Italy established the Azienda generale italiana petroli (Agip), a joint-stock company, to conduct all activities relating to the petroleum industry. 60 percent of the share capital was held by the Ministry of the Treasury, 20% by Istituto Nazionale Assicurazioni (INA), and the remaining 20% by the Italian Social Insurance fund.
Initially, an oil company and the Italian Ministry of National Economy created a fifty-year joint venture agreement to explore oil in Emilia-Romagna and Sicily, over an area of 40,000 km2. 40% of the capital was held by the ministry, all expenditure was incurred by Sinclair Oil and 25% of profits went to the Italian ministry. The first president was Ettore Conti, a contractor in the electricity sector. The establishment of the company was attributed by many analysts to Giuseppe Volpi di Misurata, Ministry of Finance, and Giuseppe Belluzzo, Ministry for the National Economy.
Agip experienced difficulties after the crisis of 1929 but began to flourish in the 1930s. Agip had a facility for refining at Fiume and in 1936 it took over a refinery at Porto Marghera, owned by Volpi di Misurata. Soon after it made an agreement with Montecatini to create a joint enterprise, Anic (Fuel Hydrogenation National Company), which was to pursue the derivation of fuel by hydrogenation of brown coal. Anic built two refineries to process the oil extracted in Albania from Azienda Italiana Petroli Albanesi (AIPA), a subsidiary of Agip. Simultaneously, however, because of the costs to support colonial campaigns, Agip had to exit some foreign investments, in particular their exploration campaigns in Iraq.
Current Operations in Nigeria
NAOC has a 100% working interest in the deep offshore, where it operates the longest producing deepwater oilfield in the country.
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Community Development and Social Responsibility
NAOC is committed to supporting local communities through various initiatives. Through the Green River Project, the company has supported the populations of the Niger Delta with programmes such as the distribution of staple commodities and reconstruction activities following floods.
Renewable Energy and Water Access
In collaboration with FAO and NNPC, Eni delivered water schemes powered by photovoltaic systems between 2018 and 2022, to improve access to water for the communities affected by the humanitarian crisis in the North-East. Thanks to the renewable energy, the projects contribute to domestic irrigation and provide access to clean and safe water.
Education and Scholarships
From 2023 to 2024, Eni contributed to access to education through the award of postgraduate scholarships for studies in foreign and Nigerian universities, Tertiary Scholarships (Undergraduate) and Bursary awards (post primary). Through NAE, Eni has awarded scholarships to 30 Nigerian graduates for Post Graduate studies in Nigerian and overseas Universities under its 2024/2025 Scholarship Awards Scheme.
10 beneficiaries will undertake postgraduate studies in various Universities in the United Kingdom and Canada. The remaining awardees will pursue their postgraduate studies in Nigerian Universities in disciplines such as Engineering, Geosciences, Petroleum and Environmental Technology, Renewable Energy and Petroleum Law. The scholarship award highlights Eni’s commitment to the future of education, innovation, and progress in Nigeria.
The postgraduate scholarship scheme was instituted by NAE PSC partners in 2007 as part of the company’s human capital development initiatives to promote knowledge acquisition and bridge the skills gap in specialized fields relevant to deep offshore Oil&Gas operations in Nigeria.
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Nigerian Agip Oil Company's operations extend beyond oil and gas production, demonstrating a commitment to community development, education, and sustainable practices in Nigeria.
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