Nigeria: Oando Energy opts out of ConocoPhillips’ Brass LNG stake
Issue 262
- 02 Oct 2013
| 1 minute read
Oando Energy Resources has opted not to go ahead with buying a 17% stake in the Brass liquefied natural gas project as part of its purchase of ConocoPhillips’ Nigerian oil and gas business. Oando had agreed in December 2012 to pay $198.4m for the LNG stake as part of a deal to purchase the US independent’s Nigerian assets for $1.79bn (AE 246/18). Toronto-listed Oando paid a deposit of $435m, including $35m towards the purchase of the Brass LNG stake, but this will now be deducted from the final balance. The date for completion of the acquisition has been extended from 19 September to 30 November. Oando said the final balance payable was $1.22bn.
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