Oando Buys Conoco's Stake in Nigerian LNG Project

Nigeria’s Oando PLC will buy Conoco’s stake in a liquefied natural gas project in the Niger Delta for $105 million.

The company will buy Conoco’s 17 percent stake in the Phillips (Brass) Limited (PBL), which is developing the Brass LNG Project , a two-train, 10 million ton facility in Bayelsa State, Nigeria. 

The other partners are NNPC (49%); Eni (17%) and Total (17%).

Approximately 70 percent of the LNG from the facility would head to western European markets with the remaining slated for Asian exports.