By MICHAEL EBOH

Oando Energy Resources has announced a shift in the date for the acquisition of ConocoPhilips’ upstream assets in Nigeria till July 31, 2014.

According to a statement by Oando Plc, the extension is to enable Oando Energy and ConocoPhillips finalise activities required to conclude the transaction.

Oando said in a statement, “Oando Plc through its subsidiary Oando Energy Resources and ConocoPhillips have entered into an agreement to extend the outside date for completion of the proposed acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips to July 31, 2014.

“Having received consent of the Honourable Minister of Petroleum Resources in Nigeria both parties have extended the outside closing date for completion of the acquisition to enable them finalise activities required to conclude the transaction.”

The Federal Government had last month given approval to Oando to acquire the upstream assets of Conoco Phillips, valued at $1.65 billion (about N264 billion).

Oando declared that the approval, which was given by the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, subject to customary adjustments, had provided an opportunity for it to complete the transaction.

Commenting on the development, Mr. Wale Tinubu, Chairman, Oando Energy, said: “We are delighted to receive the approval of the Minister of Petroleum Resources for the completion of the acquisition. It has been a long journey, wherein we kept faith with our strategy and executed every milestone diligently.

“This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. We will work hand in hand with the management team of ConocoPhillips to immediately complete the acquisition.”

He also stated that Oando Energy will now work alongside ConocoPhillips towards completing the acquisition by the long stop date of June 30 or shortly thereafter.

In December 2012, Oando had, through its Exploration & Production subsidiary, Oando Energy Resources, entered into an agreement with ConocoPhilips to acquire its Nigerian businesses.