Oando completes purchase of Nigeria assets from ConocoPhillips

Oando Energy Resources (OER), a Calgary-based subsidiary of Oando PLC, has completed its acquisition of the Nigeria upstream business of ConocoPhillips for $1.5 billion.

Oando Energy Resources (OER), a Calgary-based subsidiary of Oando PLC, has completed its acquisition of the Nigeria upstream business of ConocoPhillips for $1.5 billion (OGJ Online, Dec. 20, 2012).

ConocoPhillips says it expects to recognize an aftertax gain from the sale of $1.1 billion. Proceeds would be available for general corporate purposes, including investments in the company’s higher-margin, organic growth programs.

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