Petroleum Africa
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Thursday, June 19, 2014
Oando Energy Resources Inc. has received consent from Nigeria’s Minister of Petroleum Resources, Diezani Alison-Madueke, for its acquisition of ConocoPhillips’ upstream business in the West African country. Further to the receipt of consent from the minister, OER and ConocoPhillips are now positioned to complete the transaction.
Wale Tinubu, OER chairman, said: “We are delighted to receive the approval of the Honorable Minister of Petroleum Resources for the completion of the acquisition. It has been a long journey, wherein we kept faith with our strategy and executed every milestone diligently. This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. The coast now stands clear for us to immediately complete the acquisition.”
OER will now work with ConocoPhillips towards completing the acquisition by around June 30.
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