Nigeria's Oando delays deal for ConocoPhillips assets

ConocoPhillips Chairman and Chief Executive Officer Ryan M. Lance (C) rings the closing bell at the New York Stock Exchange (NYSE), February 27, 2013. REUTERS/Brendan McDermid·Reuters· (Reuters)
Reuters
0

LAGOS (Reuters) - Nigeria's Oando said on Monday that it has delayed the completion of its $1.79 billion deal to buy Conocophillips' Nigerian assets by two months to January. Oando has been seeking equity and bank loan funding for the deal and to finance its transition from a marketer of refined petroleum products into an upstream business focused on oil and gas exploration and production. The deal to acquire Conoco's fields, which were producing about 43,000 barrels of oil per day (bpd) last year and have proven reserves of 213 million barrels of oil equivalent, was scheduled to close in November. But analysts have long questioned whether Oando can persuade investors to deliver the funds. It is listed in Toronto and Johannesburg and has commitments from banks for several hundred million dollars in loans. The statement through the Johannesburg stock exchange added that Oando would pay a $15 million deposit by December 6, on top of the $435 million deposit it has already paid. This leaves about $1.23 billion to pay after adjustments, the company said. Oando chief executive Wale Tinubu has said that the company's upstream business will account for about three quarters of its assets after the Conoco acquisition, against 40 percent now.

Advertisement

Recommended Stories

  • Billionaire Bill Gates Has 51% of His Portfolio Invested in 2 Brilliant Stocks

    The Bill and Melinda Gates Foundation Trust outperformed the S&P 500 by a wide margin over the past three years, in part because of these two stocks.

  • One More Day, One More Boeing Incident - Senegal Crash Adds to Troubles

    Boeing Co (NYSE: BA) continues to face challenges as a Boeing 737-300 aircraft crashed during takeoff at Senegal’s main airport on Thursday. Air Sénégal flight HC301, operated by Transair with 78 passengers, skidded off a runway before takeoff, injuring 11 people and bringing the facility to a halt. The Blaise Diagne airport said an investigation was underway to determine the cause of the accident, which occurred at around 0100 GM, reported Reuters. Boeing is already under regulatory scrutiny af

  • Can I Use My RMDs to Transfer Money Into My Roth IRA?

    If you're taking a required minimum distribution from an IRA, 401(k) or other tax-deferred account and don't need the money to cover living expenses, where should you stash that unneeded cash? Investors now need to start taking RMDs at age 73 or, if they were born after 1960, at age 75. Depending on the balances of […] The post Can I Use My RMDs to Transfer Money Into My Roth IRA? appeared first on SmartReads by SmartAsset.

  • Ask an Advisor: Can a Nursing Home Take Our IRA? We Have a $100K IRA and a Trust to Protect Our Assets

    My wife and I are elderly. I have an individual retirement account (IRA) worth about $100,000, and we have a trust set up through our children to protect our assets. If one or both of us have to go into … Continue reading → The post Ask an Advisor: Can a Nursing Home ‘Take Our IRA?' My Wife and I Are Elderly. We Have a $100K IRA and a Trust to Protect Our Assets. appeared first on SmartAsset Blog.

  • Dave Ramsey Shares Three Rules For Buying A House

    In today's turbulent housing market, navigating the path to homeownership requires a more strategic approach than ever. With soaring prices and high interest rates, prospective buyers face myriad challenges. But despite the complexities, financial experts like Dave Ramsey offer valuable insights to guide homebuyers through the process. Ramsey shared three rules for buying a house in a May 6 post on X: 1. Be debt-free. 2. Keep enough money in an emergency fund to cover three to six months of hous

  • ‘Seriously Underwater’ Home Mortgages Tick Up Across the US

    (Bloomberg) -- Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t Track‘Seriously Underwater’ Home Mortgages Tick Up Across the USArm Slides as Tepid Outlook Fuels Concerns Over AI SlowdownNationally, 2.7% of homes carried loan balanc

  • How Much Cash Can A $300,000 Annuity Generate For Me Each Month?

    Imagine having a reliable source of income you can count on throughout your retirement. That’s the promise of an annuity. These insurance products have been designed to turn your savings into a steady stream of monthly payments. They guarantee peace of mind and financial security in your golden years. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you. An

  • Tesla punctuates layoffs with apparent hiring freeze

    Tesla appears to have followed up its recent layoffs with a company-wide hiring freeze. Only three positions remain open out of more than 3,000.

  • GigaCloud Technology Inc. (GCT) Q1 Earnings and Revenues Surpass Estimates

    GigaCloud Technology Inc. (GCT) delivered earnings and revenue surprises of 64.71% and 6.84%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?

  • Rivian's R2 Is Already Built to Fail

    R2 is too expensive even two years before launch.