ConocoPhillips completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando, for the sale of its Nigeria upstream business for a total sales price, after customary adjustments, of USD 1.5B. The sales price is inclusive of USD 550M of deposits received, approximately USD 900M received at closing, plus USD 33M in deferred payments. The sales price less the cash in the business at closing, approximately USD 100M, generated net proceeds of approximately USD 1.4B, after customary adjustments. The company expects to recognise an after-tax gain of approximately USD 1.1B for the sale.

ConocoPhillips also announced that it has transferred its 17% shareholder interest in Brass LNG, along with all of its related interests, to the remaining shareholders of Brass LNG. “We are pleased to complete these transactions with Oando and the Brass LNG shareholders”, said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with the government of Nigeria and our partners."

Proceeds from the sale will be available for general corporate purposes, including investments in the company’s higher-margin, organic growth programs.