ConocoPhillips completes sale of Nigeria businesStaff writer ▼ | July 30, 2014
ConocoPhillips has completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando PLC, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of $1.5 billion.
Transaction Nigeria upstream business worth $1.5 billion
ConocoPhillips also announced that it has transferred its 17 percent shareholder interest in Brass LNG Limited, along with all of its related interests, to the remaining shareholders of Brass LNG Limited. The transfer did not have a material impact to the company’s results.
Proceeds from the sale will be available for general corporate purposes, including investments in the company’s higher-margin, organic growth programs. ■