(Reuters) – Oil giant ConocoPhillips will sell its Nigerian businesses to Oando Energy Resources Inc for about $ 1.79 billion, the companies said on Thursday.
Conoco has said it is selling less profitable overseas assets so the U.S. oil company can focus on growing its lower-cost domestic shale oil and natural gas business.
Oando Energy, which is focused on oil exploration and production in Nigeria and the Gulf of Guinea, said it paid $ 435 million in cash to ConocoPhillips when it signed the deal.
The deal, expected to close by mid-2013, includes Conoco’s interest in onshore and offshore properties in Nigeria that produced 43,000 barrels of oil equivalent per day through October, the companies said.
Earlier this week, Conoco announced the sale of its Algerian business to Indonesia’s state-run oil company Pertamina for around $ 1.75 billion.
Conoco’s asset sales this year total $ 11 billion, the Houston-based company said.
Energy News Headlines – Yahoo! News
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