Petroleum Africa
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Friday, August 1, 2014
Fasken Martineau, a leading international business law firm, announced today that it advised Oando Energy Resources Inc. in the completion of its acquisition of ConocoPhillips’ upstream business in Nigeria. This is one of the first transactions where an international oil company has sold to a locally owned indigenous company on free market terms using international financing.
“We were pleased to have been corporate counsel to Oando in this landmark deal which marks one of the largest such transactions in Africa and moves a large oil and gas asset into indigenous hands,” said Abayomi Akinjide, the lead lawyer and co-leader of Fasken Martineau’s Global Energy Group. “The deal is also unique in that although there was equity involved, it relied substantially upon traditional forms of bank financing, using a mixture of local and international capital.”
“The combination of local and international capital demonstrates the faith of the financial community in Nigeria’s indigenous upstream sector and in Oando in particular,” concluded Mr. Akinjide.
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