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Oando’s Expensive Route To 25,000BOPD


The potentials and downsides of the biggest onshore Niger Delta asset sale in History

Oando’s ongoing purchase of the Nigerian assets of ConocoPhillips, the American independent, is a historical event. The price on the table is larger than the proceeds of any single bid round in the country in the last 10 years.

The invoice total comes to $1.79Billion, of which $1.6Billion will be paid by the Nigerian company for 20% stakes in four onshore assets, all of them operated by Agip and producing roughly 100,000 Barrels of Oil Per Day(BOPD) gross, which translates to 20,000BOPD net to Oando, on final purchase, around March 2013. The remaining $190Million is what Oando is paying for ConocoPhillips’ deep-water hydrocarbon properties. The $1.6Billion bill for onshore assets is the biggest price any one company has paid for an onshore asset or group of onshore assets in Nigeria.

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Oando’s $1.3Billion Leads The Last Three Bids For ConocoPhilips’ Assets, But…

If the bid offer on the table were the only consideration for announcing the winner, Conoco Phillips would have announced Oando Plc as the new owners of its upstream assets in Nigeria.
With about $1.3Billion offer, the image conscious, integrated oil and gas company would have beaten the two other rivals: Transcorp/Midwestern Oil and Gas Consortium and Seplat Petroleum Development Limited in the race to acquire the American independent’s 20% stakes in the ENI operated Oil Mining Lease(OMLs) 60, 61 62 and 63, which deliver some 90-100,000 Barrels of Oil Per Day(BOPD) (gross) and also provide ENI’s share of gas for the Bonny based NLNG facility.

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