Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ConocoPhillips may quit Nigeria, four other countries

    ConocoPhillips may quit Nigeria, four other countries

    February 9, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    09 February 2012, Sweetcrude, HOUSTON – ConocoPhillips, an integrated energy company with assets of approximately $75 billion in 49 countries, is in the process of selling its assets in Nigeria and four other countries.

    The other countries are Libya, Algeria, Vietnam and Kazakhstan.
    The asset sale is valued at $17 billion and the company requires the fund to boost shareholder returns with share buybacks and higher dividends.

    Reports said the announcement was made at the recent annual analyst meeting, and may include exits from the countries as part of planned asset divestment, although exact details were not released.

    Phil Weiss, an oil analyst from Argus, was at a meeting with Conoco’s chief financial officer and head of investor relations, and confirmed that “Selective country exits are possible. Candidates would be Nigeria, Vietnam, Libya, Algeria and Kazakhstan.”

    In Nigeria, Conoco produces about 20,000 barrels per day (bpd) of crude oil, and 141 million cubic feet of natural gas.

    It owns four onshore mining leases (OMLs), one deep-water oil prospecting lease (OPL) and one deep-water offshore mining lease.

    It also owns part of a gas-fired combined cycle power plant, and a 20% stake in the Brass River crude oil field.

    In Libya, Conoco owns 16.3% of the Waha concessions, which averaged 46,000 bpd of oil last year.
    The company’s assets in Kazakhstan includes 8.4% of the North Caspian Sea Production Sharing Agreement which is expected to go into production this year.

    In 2010, British Gas also threatened to pull out of Nigeria despite its investment of over $500 million in exploration activities, citing the turbulent nature of the country’s oil and gas sector.
    ConocoPhillips employ 56,000 people in 49 countries.

    Related News

    Proteus ushers in new era of hydrogen fuel cell technology

    Tinubu pledges fast-tracked infrastructure approvals, seeks investors

    Tinubu pledges Nigeria’s commitment to Africa’s economic transformation

    E-book
    Resilience Exhibition

    Latest News

    TotalEnergies, QatarEnergy granted new exploration license for Algeria

    June 18, 2025

    OPEC Fund commits $1bn in new financing for developing nations

    June 18, 2025

    ‘Nigeria to export first gasoline cargo to Asia from Dangote Refinery’

    June 18, 2025

    Africa’s nuclear renaissance: World Bank greenlight ignites a new era

    June 18, 2025

    AfDB project restores electricity in Zimbabwean communities

    June 18, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.