With $3.5Billion, ConocoPhillips Cashes Out Of Algeria, Nigeria - Africa’s premier report on the oil, gas and energy landscape.

With $3.5Billion, ConocoPhillips Cashes Out Of Algeria, Nigeria

Exploration project in Angola remains, so are producing fields in Libya

ConocoPhillips has agreed to sell its Nigerian and Algerian assets for a combined $3.54 Billion. It announced, within days of each other, agreements to sell its equity in Nigeria for $1.79Billion and the Algerian business unit for $1.75 billion.
The Nigerian assets are being acquired by Oando Energy Resources, the Toronto listed Nigerian independent. The Algerian assets are going to Pertamina, the Indonesian state hydrocarbon company.
The disposals of these African units, each delivering less than 50,000BOEPD, will allow the American independent to focus on its five “high-margin projects expected to account for 550,000 BOEPD by 2016”. The projects are in Canada, North Sea conventional play, American unconventional play, Malaysian deepwater and Australian Pacific LNG.

In Algeria, ConocoPhillips holds interests in three major onshore oil fields that averaged 11,000 BOEPD. In Nigeria, the company’s four wholly owned subsidiaries produce, on average, 43,000BOEPD net. Both transactions are expected to have been wrapped up by mid-2013.
The company is not selling its entire African possessions.
ConocoPhillips is keeping its 30% stakes in Angolan ultradeepwater Blocks 36 and 37 which it just won in 2011. It’s an exploration asset in the Pre-Salt part of the province.

The company is also holding tight to its 16.5% equity in Libya’s Waha concession, made up of multiple concessions, which produced approximately 340,000BOEPD gross in 2010 and encompasses nearly 13 million gross acres in the Sirte Basin. The concessions are valid for an additional 20 to 23 years.Three major growth projects that are under development by theco-venturers include Faregh II, North Gialo and NC-98.


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