Lagos- An affiliate company of Oando PLC, Oando Energy Resources (OER), is set to acquire the Nigerian oil and gas business of ConocoPhillips (COP).
The deal, when completed, makes OER the largest indigenous oil producer after the International Oil Companies (IOCs) reports BusinessDay..
The company has already paid COP an initial deposit of $435 million.
The remaining amount to complete the acquisition is estimated to be around $1.22 billion.
OER remained positive of raising the balance and hopes to complete the deal before the end of the first quarter in 2014
The deal when completed is expected to increase OER’s daily production from 4 500 bpd to 45 000 bpd.
In August, OER stirred the local market with the announcement that it wants to acquire ConocoPhillips assets in Nigeria.
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