Nigeria's Oando To Pay $1.8B For ConocoPhillips' Assets

Law360, New York (December 21, 2012, 1:32 PM EST) -- ConocoPhillips Co. has reached an agreement to unload its Nigerian operations to affiliates of Lagos-based oil and gas company Oando PLC for roughly $1.8 billion, the Texas energy titan announced Thursday.

ConocoPhillips' Nigerian assets averaged 43,000 barrels of oil equivalent of 2012 net daily production, made up of roughly 60 percent natural gas and 40 percent natural gas liquids. The carrying value of the energy giant's Nigerian assets was roughly $600 million as of Oct. 31, according to a press release.

The deal is expected to...
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