Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/conocophillips-completes-sale-of-nigeria-business.shtmlConocoPhillips completes sale of Nigeria business
ConocoPhillips has completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando PLC, for the sale of its
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ConocoPhillips has completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando PLC, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of $1.5 billion.
The sales price is inclusive of $550 million of deposits received, approximately $900 million received at closing, plus $33 million in deferred payments.
The sales price less the cash in the business at closing, approximately $100 million, generated net proceeds of approximately $1.4 billion, after customary adjustments. The company expects to recognize an after-tax gain of approximately $1.1 billion for the sale.
