Conoco Inks $105M Deal To Sell Nigerian Unit To Oando

Law360, New York (September 19, 2013, 8:15 PM ET) -- ConocoPhillips Co. said Thursday it has agreed to sell its Nigerian affiliate Phillips (Brass) Ltd. to Lagos-based Oando PLC for $105 million, as the company pursues its long-term strategy of focusing on its core assets and trimming its African operations to raise capital.

Phillips holds Conoco’s 17 percent stake in the Brass LNG Project, a venture between Conoco, Eni SpA, the Nigeria National Petroleum Corp. and Total SA to develop natural gas opportunities in the Niger Delta. The sale represents a portion of a larger deal...
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