ConocoPhillips has entered into agreements with affiliates of Oando PLC to sell its Nigerian business unit for a total of $1.79bn plus customary adjustments.
The transaction includes two offshore properties consisting of a 95% operated interest in OML 131 (Chota Field) and 20% nonoperated interest in OPL 214 (Uge Field), as well as a 20% nonoperated interest in onshore OMLs 60-63 (NAOC joint venture), a 20% nonoperated interest in the Kwale-Okpai Independent Power Plant and a 17% nonoperated interest in the Brass LNG project. ConocoPhillips’ 2012 net production in Nigeria averaged 43 kboe/d through October, comprising approximately 60% natural gas and 40% liquids. In late October 2012, the net carrying value of ConocoPhillips’ Nigerian assets was approximately $600m.
The transaction is anticipated to close by mid-2013, following appropriate consultations with stakeholders. Including this transaction, the company has announced total asset sales of approximately $11bn during 2012.
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