Lagos - The acquisition of ConocoPhilips upstream assets in Nigeria by Oando Plc has been approved by the federal government.
The government’s approval for the deal worth $1.65 billion was given by Deziani Alison-Madueke Petroleum Resources Minister, reports Leadership.
With approval, Oando becomes the largest indigenous oil producer in Nigeria and would now produce about 50 000 barrels per day from the six producing fields previously owned by ConocoPhilips.
Read more at Leadership.
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