The US oil major, ConocoPhillips, is selling all of its Nigerian assets including on-shore and off-shore oil and gas fields and a stake in the Brass Liquefied Natural Gas (LNG) facility. The company said it was favourably disposed to handing over its assets to a strong financial indigenous oil firm.
According to industry source, Oando is strategising to increase its investment in the upstream and midstream businesses. This is because the upstream business has continued to drive increased earnings for the company.The move is considered a shift from its traditional petroleum marketing (downstream) business.
The company said its upstream business has contributed over N35 billion in the past two years. So far,Oando holds interest in 13 licences for the exploration, development and production of oil and gas assets located onshore, swamp and offshore.
“Given these achievements as an indigenous player, our ambition going forward is to enhance and optimise the intrinsic value of the assets in our portfolio using the most productive capital structure whilst releasing more resources to capitalise on opportunities the ongoing reforms in the industry should present in the near future,” Wale Tinubu, Oando CEO said
However, ConocoPhillips Chief Executive Officer, Ryan Lance, said his company was yet to make a final decision on its business in Nigeria.
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