Oando to buy Nigerian assets from ConocoPhillips
Affiliates of Oando PLC agreed to buy Nigerian assets from ConocoPhillips for a total of $1.79 billion plus customary adjustments.
The transaction involves two offshore properties consisting of a 95% operated interest in Chota field and 20% nonoperated interest in Uge Field.
Onshore Nigeria OER will pick up Phillips Oil Co. Nigeria Ltd. (POCNL), which holds a 20% non-operating interest in OMLs 60, 61, 62, and 63 as well as related infrastructure and facilities in the Nigerian Agip Oil Company Ltd. (NAOC) Joint Venture (NAOC JV). The other partners are NNPC and NAOC. OER will also gain a stake in Brass LNG Ltd. through Phillips Brass Ltd. Brass LNG Ltd. is developing the greenfiled Brass LNG project; a two-train, 10 million ton per year LNG facility in Bayelsa State. The other partners are NNPC, ENI, and Total.