The Italian oil giant Eni (ENI.MI) said on Monday that it has agreed to sell its unit Nigerian Agip Oil Company (NAOC) to its Nigerian rival Oando (OANDO.LG).

NAOC, which concentrates on oil and gas exploration and production, has four onshore blocks and two onshore exploratory leases in Nigeria, according to Eni, which did not disclose the financial terms of the agreement.

Eni will maintain NAOC’s 5% investment in the Shell Production Development Company (SPDC) joint venture managed by Shell (SHEL.L) following the transaction, which is subject to approval by local and regulatory authorities, the firm noted.