Nigeria: Oando to complete asset sales by end-July

Oando plc hopes to complete asset sales by end-July to reduce its debt to more manageable levels and enable it to focus on developing its upstream business following the acquisition of ConocoPhillips’ Nigerian assets. “We are optimising our balance sheet by restructuring our existing debt facilities and deleveraging an estimated $350m in asset value,” Oando Energy Resources chief executive Pade Durotoye told African Energy in an interview. He said the company was selling 60% of the downstream business, 75% of its gas and power business, and the entire rigs operation.