US oil giant ConocoPhillips has completed the sale of its Nigeria upstream business to Oando for $1.5billion.
The deal was agreed in 2013 but was delayed several times as Oando struggled to raise funds.
ConocoPhillips expects the transaction to deliver an after-tax gain of approximately $1.1billion, with proceeds destined to fuel the firm’s “higher-margin” growth programmes.
The company also confirmed it transferred its 17% shareholder interest in Brass LNG Limited, along with all of its related interests, to the remaining shareholders of the asset.
The transfer did not have a material impact to the company’s results, according to the firm.
“We are pleased to complete these transactions with Oando PLC and the Brass LNG Limited shareholders,” said Don Wallette, executive vice president for commercial, business development and corporate planning.
“We appreciate the long and productive relationship we have had with the government of Nigeria and our partners.”
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