• Tuesday, March 05, 2024
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BusinessDay

Oando awaits regulatory clearance for COP deal

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Oando Energy Resources’ (OER) says it has raised all funds necessary to conclude the acquisition of ConocoPhillips Nigerian assets. It also says in a statement that there is not an ongoing $330 million sale of its drilling subsidiary, Oando Energy Services (OES).

“We wish to explicitly state that OER has successfully acquired all funds required to complete the acquisition, and is awaiting the consent of the minister of the Federal Ministry of Petroleum,” OER said in the statement, as “OES has not been put up for sale and remains a wholly-owned Oando plc subsidiary.”

With a growing demand as a result of the divestment of substantial resource bases to indigenous companies, OES remains a viable business with great future potential, according to OER.

Toronto-listed Oando Energy Resources Inc. (OER), a company focused on oil and gas exploration and production in Nigeria, is the upstream business of Oando plc, the holder of 94.6 percent of the common shares of the company.