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ConocoPhillips sells off Nigerian operation

21 december 2012, 18:42
0
©AFP
©AFP
US energy giant ConocoPhillips has agreed to sell its Nigerian operations to growing African group Oando for 1.79 billion dollars (1.35 billion euros), AFP reports citing the Houston-based firm.

The assets concerned -- interests in joint-ventures in four Niger Delta fields -- by the sale produced the equivalent of 43,000 barrels of crude per day, 40 percent in crude and condensate and 60 percent in natural gas.

Oando is a Nigerian-owned firm that has grown quickly in recent years, with a turnover last year of more than 580 billion naira (3.6 billion dollars) and interests in fuel marketing, pipelines and downstream oil production.

ConocoPhillips is based in Houston, Texas, and is an industry giant, controlling 115 billion dollars in assets and holding the rights to the equivalent of 8.4 billion barrels of crude in proven reserves.

"We are pleased Oando PLC recognizes the value of this asset," said Don Wallette, the US firm's executive vice-president for commercial, business development and corporate planning.

"This intended sale represents further progress on our asset disposition program," he said, referring to a plan announced by this year by the firm to sell-off its non-core business units and boost its earnings ratio.

With the Oando deal, due to be concluded in mid-2013, and the 1.75 billion dollar sale announced this week of an Algerian subsidiary, the program is on course to net ConocoPhillips 11 billion dollars, he said.

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