Nigeria: Oando completes ConocoPhillips asset purchase

Oando Energy Resources (OER) has finally completed its acquisition of ConocoPhillips’ Nigerian upstream oil and gas business for $1.5bn plus a deferred consideration of $33m, in a deal that will increase Oando’s production tenfold. The onshore assets consist of Phillips Oil Company Nigeria Limited, which holds a 20% non-operating interest in oil mining leases (OMLs) 60, 61, 62 and 63, as well as related infrastructure and facilities in the Nigerian Agip Oil Company (NAOC) joint venture with Nigerian National Petroleum Corporation with a 60% interest, and NAOC (20% and operator).