Conoco CEO confirms sale of Nigeria assets
Ryan Lance, the new chief executive officer of ConocoPhillips, on Wednesday confirmed that the U.S. exploration and production company plans to sell its Nigerian assets, but said a deal was not imminent.
“We’re testing the market on our Nigerian assets,” Lance told reporters after the company’s annual meeting.
Those assets including on-shore, off-shore oil and gas fields and a stake in its LNG Brass facility, sources familiar with the situation told Reuters on Tuesday.
The assets were expected to attract interest from Nigerian companies such as Conoil and Oando, and Asian players including China’s Sinopec, Indian company ONGC, and South Korea’s KNOC, Reuters sources said.
They could help ConocoPhillips raise about $2.5 billion and possibly more if they were sold separately, which is the most likely route, according to the sources.
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