Oando has announced the acquisition of Conoco Phillips Business in Nigeria for for a total cash consideration of US$1.5 billion after customary adjustments plus a deferred consideration of US$33 million.This deal has been much anticipated after the announcement of the plan early June; see our earlier report in June “here“.
Both Oando and ConocoPhillips announced the completion of the deal in separate press releases on 30th July, 2014. This deal increases drastically, Oando’s holdings in Nigeria oil blocks both offshore and onshore. Oando had also announced earlier the acquisition of Medal Oil which holds 1% equity in OML 131. With the acquisition of ConocoPhillips, Oando now holds 100% interests in OML 131.