ConocoPhillips has completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of US$1.5bn. ConocoPhillips expects to recognize an after-tax gain of approximately US$1.1bn for the sale. ConocoPhillips also announced that it has transferred its 17% shareholder interest in Brass LNG, along with all of its related interests, to the remaining shareholders of Brass LNG. In December 2012, the group had reached an agreement with OER for the sale of Nigerian activities, including this 17% stake that was excluded from the transaction in September 2013.
The Brass LNG project, which consists of two 5 Mt/year liquefaction trains expected to be commissioned between 2018 and 2020. Other shareholders are NNPC (30%), Eni, Total (17% each), LNG Japan (4%), Itochu (3%), Sempra (2%); 10% are held by the Bayelsa state.