ADVISORY Advises ConocoPhillips on its US$1.5bn Sale of its Nigerian Business and its Exit from Brass LNG

21 August 2014

ADVISORY Legal Consultants is pleased to announce the successful closing of the US$1.5bn sale by ConocoPhillips of its Nigerian upstream oil and gas business to Oando Energy Resources. The firm advised ConocoPhillips on this transaction. Oando will own all the issued share capital in the following ConocoPhillips subsidiaries: Phillips Oil Company Nigeria Limited, Conoco Exploration and Production Nigeria Limited and Phillips Deepwater Exploration Nigeria Limited. Collectively, these subsidiaries hold a 20% non-operating interest in OMLs 60, 61, 62, 63; a 95% operating interest in OML 131 located 70 km offshore; and a 20% non-operating interest in OPL 214 (now OML 145) located 110 km offshore. As required by the Petroleum Act of 1969, the transaction received the consent of the Honourable Minister of Petroleum Resources in June 2014.

The firm also advised ConocoPhillips on its exit from Brass LNG Limited, the developer of the 10 mtpa Brass LNG plant in Bayelsa State, Nigeria.

ADVISORY continues to provide cutting-edge legal support to clients involved in acquisitions and divestments within the Nigerian oil and gas industry.

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