ConocoPhillips to sell Nigerian unit for $1.79B

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Associated Press

Posted on December 20, 2012 at 6:00 PM

Updated Thursday, Dec 20 at 6:01 PM

HOUSTON (AP) — ConocoPhillips is selling its Nigerian business unit to Oando PLC for roughly $1.79 billion.

The oil and natural gas company says its net production in Nigeria averaged 43,000 barrels of oil equivalent per day through October.

ConocoPhillips said Thursday that the deal is part of its broader plans to sell off certain assets. It has announced roughly $11 billion in asset sales this year, including this transaction. The Oando deal is expected to close by the middle of 2013.

ConocoPhillips says it will use proceeds to invest in other areas of growth for the company.

ConocoPhillips shares rose 8 cents to close at $59.28.

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