VENTURES AFRICA – Oando Energy Resources (OER), a subsidiary of Nigerian indigenous energy company Oando Plc, has been given the green light to proceed with its acquisition bid for Conoco-Phillips Nigerian asset after receiving approval from the country’s oil minister, Diezani Alison Madueke.
Oando had announced its intention in 2012 to purchase the Nigerian Upstream Oil and Gas Business of Conoco-Phillips for $1.65 billion, but completion of the deal had been stalled by a delayed approval from the country oil ministry.
Some of the assets to be acquired from Conoco-Phillips include Phillips Oil Company Nigeria Limited (POCNL), and other related infrastructure and facilities in the Nigerian Agip Oil Company Limited (NAOC) Joint Venture (NAOC JV).
The deal, which is considered the biggest acquisition by an indigenous oil firm, will position Oando as a leading, indigenous independent Exploration and Production (E&P) player in Nigeria when finalized.
Oando Chairman, Mr Wale Tinubu said the approval satisfied his company’s criteria for assets in production, as well as excellent appraisal and exploration prospects. “The coast now stands clear for us to immediately complete the acquisition,” he added.
Tinubu expressed hope that Oando and Conoco-Phillips will be able to finalize the acquisition by the end of this month.
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