Oando acquires ConocoPhillips Nigerian oil and gas business for $1.5bn

Nigeria-focused oil and gas explorer Oando Energy Resources (OER) on Wednesday announced that it had completed the acquisition of the Nigerian upstream oil and gas business of New York-listed ConocoPhillips for a total cash consideration of $1.5-billion as well as a deferred cash consideration of $33-million. OER believed that the transaction represented a significant opportunity for the company to create scale and significant value for its shareholders, pointing out that the total reserves and resources associated with the transaction amounted to proved and probable reserves of 211.6-million barrels oil equivalent, with best estimate contingent resources of 498.6-million barrels oil equivalent and unrisked best prospective resources of 656.9-million barrels oil equivalent.