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Oando acquires ConocoPhilips for $1.5bn

31 July 2014, 15:35

Lagos - Oando Plc on Wednesday completed the acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips for $1.5 billion (about N2.3 trillion).

Oando announced the acquisition in Lagos in a statement by Alex Irune, its Head of Media and Communications.

He said the cost outlay of $1.5 billion (N2.43 trillion) was arrived at after customary adjustments plus a deferred consideration of $33 million (N5.34 billion).

According to him, the transaction involved the acquisition of ConocoPhillips’ Nigerian oil and gas businesses consisting of Phillips Oil Company Nigeria Ltd.

ConcoPhilips Oil Company Ltd holds 20 percent 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 Joint Venture (NAOC JV) Ltd.

It said that the other owners are the Nigerian National Petroleum Corporation (NNPC) with a 60 percent interest and NAOC 20 percent.

"Conoco Exploration and Production Nigeria Ltd (CEPNL) holds 95 percent operating interest in OML 131 located 70 km offshore in water depths of 500m to 1 200m.

"Phillips Deepwater Exploration Nigeria Ltd (PDENL) which holds a 20 percent  non-operating interest in Oil Prospecting Licence (OPL) 214 located 110 km offshore in water depths of 800m to 1 800m,'' it said.

The statement said that other owners are ExxonMobil with 20 percent and operator, Chevron 20 percent, Svenska 20 percent, Nigerian Petroleum Development Company 15 percent and Sasol 5 percent.

The transaction, it added, made Oando Energy Resources (OER) to own indirectly all of the issued share capital of POCNL, CEPNL and PDENL.

The statement also said the transaction compelled OER to retain the Petroleum and Renewable Energy Company Ltd as Independent Reserve.


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