facebook
twitter
rss
account
search
search
 

Conoco bought out in Nigerian LNG project

Sept. 18, 2013 at 8:23 AM   |   Comments

LAGOS, Nigeria, Sept. 18 (UPI) -- Nigerian energy group Oando PLC said it would take a stake in a liquefied natural gas project in the Niger Delta from ConocoPhillips for nearly $105 million.

Oando said in a statement published Tuesday it would take on Conoco's 17 percent stake in the Brass liquefied natural gas project by acquiring the U.S.-based energy company's local affiliate Phillips (Brass) Ltd.

Italian energy company Eni and France's Total are working to develop the Brass LNG project in Bayelsa state in southern Nigeria.

Total said the project should have a production capacity of more than 10 million tons of LNG per year. Approximately 70 percent of the LNG from the facility would head to western European markets with the remaining slated for Asian exports.

"Brass LNG will help to monetize the country's gas reserves while also contributing to economic development in an impoverished region of the Niger Delta," Total said.

Nigerian National Petroleum Corp. holds a 49 percent stake in the Brass LNG project. Early engineering work is still under way and no timeline was offered for project development.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
4
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
5
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
Trending News
Around the Web
x
Feedback