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ConocoPhillips sells Nigerian business to Oando Energy for USD 1.65bn

19th June 2014

Oando Energy Resources has announced receipt of the consent from the Nigerian petroleum resources ministry for the acquisition of the Nigerian upstream oil and gas business of ConocoPhillips for a total cash consideration of USD 1.65bn

ConocoPhillips sells Nigerian business to Oando Energy for USD 1.65bn
OER will now work with ConocoPhillips towards completing the acquisition by the long stop date of June 30, 2014 or shortly thereafter

“We are delighted to receive the approval of the Honourable Minister of Petroleum Resources for the completion of the acquisition,” said Wale Tinubu, OER chairman. “It has been a long journey, wherein we kept faith with our strategy and executed every milestone diligently. This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. The coast now stands clear for us to immediately complete the acquisition.”

OER will now work with ConocoPhillips towards completing the acquisition by the long stop date of June 30, 2014 or shortly thereafter.

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