ConocoPhillips and Oando Energy Resources (OER) have agreed to terminate their Brass LNG purchase deal. In December 2012, the two companies had agreed with Oando to sell its Nigerian business unit for a total of $1.79bn plus customary adjustments. The transaction included two offshore properties consisting of a 95% operated interest in OML 131 (Chota Field) and 20% non-operated interest in OPL 214 (Uge Field), as well as a 20% non-operated interest in onshore OMLs 60-63 (NAOC joint venture), a 20% non-operated interest in the Kwale-Okpai Independent Power Plant and a 17% non-operated interest in the Brass LNG project.
Under the new agreement, ConocoPhillips will keep its 17% stake in the Brass LNG project, which consists of two 5 Mt/year liquefaction trains expected to be commissioned in 2018-2019. The project is developed by NNPC (30%), Eni, ConocoPhillips, Total (17% each), LNG Japan (4%), Itochu (3%), Sempra (2%); 10% are held by the Bayelsa state.
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