ConocoPhillips sells interest in Brass LNG Limited

ConocoPhillips announced that it has transferred its 17% shareholder interest in Brass LNG Limited to the remaining shareholders of Brass LNG Limited.

The transfer did not have a material impact on the company’s second quarter results.

ConocoPhillips also announced it has completed the transaction with Oando Energy Resources (OER) for the sale of its Nigeria upstream business for a total of US$ 1.5 billion. This includes US$ 550 million of deposits received, approximately US$ 900 million received at closing, as well as US$ 33 million in deferred payments.

Commenting on the transactions, Don Wallette, Executive VP – Commercial, Business Development and Corporate Planning, said: “We are pleased to complete these transactions with Oando PLC and the Brass LNG Limited shareholders. We appreciate the long and productive relationship we have had with the government of Nigeria and our partners."

Image copyright ConocoPhillips.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/31072014/conocophillips-divests-nigerian-lng-interests-1112/