Monday, June 14, 2010

Oando May Buy as Many as 4 Billion Barrels of Oil Resources

By Carli Lourens

(Bloomberg) -- Oando Plc, a Nigerian oil company, is in talks to acquire between 1 billion barrels and 4 billion barrels in oil-equivalent resources in Nigeria, Chief Executive Officer Wale Tinubu said.

The “ball-park value” of the resources may be $2 billion, Tinubu told reporters in Johannesburg today. The company is in talks with oil majors operating in Nigeria, he said.

Oando could also spin off its downstream unit by the end of September, Tinubu said.

To contact the reporter on this story: Carli Lourens in Johannesburg at

To contact the editor responsible for this story: Ana Monteiro at

No comments:

Post a Comment