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Oando Energy completes acquisition of ConocoPhillips' business

Oilfield Technology,


Oando Energy Resources has completed its landmark acquisition of ConocoPhillips’ Nigerian oil and gas business for US$ 1.5 billion.

The transaction entails the acquisition of ConocoPhillips’ Nigerian oil and gas businesses, consisting of:

Onshore business

  • Phillips Oil Company Nigeria Limited (POCNL), 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 Limited (NAOC) Joint Venture (NAOC JV).

Offshore business

  • Conoco Exploration and Production Nigeria Limited (CEPNL), which holds a 95% operating interest in OML 131 located 70 km offshore in water depths of 500m to 1200m.
  • Phillips Deepwater Exploration Nigeria Limited (PDENL), which holds a 20% non-operating interest in Oil Prospecting Licence (OPL) 214 located 110 km offshore in water depths of 800m to 1800m.

Commentary

Commenting on the acquisition, OER CEO, Pade Durotoye, said: "This transaction represents a transformational leap forward for our Company and is in keeping with our overall strategy to grow our portfolio of Nigerian-based assets by focusing on those opportunities that deliver high quality growth in reserves and production.

“Our management team is familiar with these assets and possess the managerial experience and technical expertise necessary to unlock their value for our shareholders."

Wale Tinubu, OER Chairman, added: "We believe in the significant potential that the Nigerian oil and gas industry holds and are privileged to play a pivotal role in its consolidation, growth and development. We will continue to seek strategic opportunities that provide a platform for enhanced growth and value creation for our stakeholders".

Image copyright Oando Energy Resources.


Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/31072014/oer-completes-conocophillips-nigerian-acquisition-1178/

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