Nigeria-focused oil and gas explorer Oando Energy Resources (OER) has received consent from Nigerian Petroleum Resources Minister Diezani Alison-Madueke for the $1.65-billion acquisition of the Nigerian upstream oil and gas business of New York-listed ConocoPhillips.
OER and ConocoPhillips were now positioned to complete the transaction,
subject to “customary adjustments”, and were planning to finalise the deal by the end of June.
OER chairperson Wale Tinubu said the company was “delighted” to receive the required Ministerial approval.
“It has been a long journey, wherein we kept faith in our strategy and executed every milestone diligently. This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. The coast now stands clear for us to immediately complete the acquisition,” he noted.