Oando completes $1.65B acquisition of ConocoPhillips' Nigerian assets

Nigerian oil company Oando OANDO.LG completed a $1.5 billion deal to buy ConocoPhillips’s assets in Nigeria on Wednesday, catapulting it to be one of the top players in the West African country’s emerging indigenous oil and gas exploration industry.

ConocoPhillips (COP.N) has waited for more than a year to close the deal with Oando, which is listed in Lagos, Toronto (OER.TO) and Johannesburg, because the local firm struggled to raise finance and had to navigate local bureaucracy.

Read more: ConocoPhillips deal propels Oando to Nigeria's top league | Reuters.

Recommended