Nigeria: Oando to Acquire Conocophillips' Nigerian Assets for $1.79 Billion

22 December 2012

Nigerian indigenous energy group, Oando Plc, has stated that its affiliate Oando Energy Resources (OER) has entered into agreements with ConocoPhillips (COP) to acquire its entire business interests in Nigeria for a total cash consideration of $1.79 billion plus customary adjustments.

The proposed deal is the biggest acquisition by an indigenous company in the history of Nigeria's oil and gas industry.

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