Nigeria: Oando agrees OGP sale

Oando plc has announced an agreement with Helios Investment Partners to acquire 49% of its midstream business subsidiary Oando Gas and Power (OGP) for $115.8m. Helios has already bought into Oando’s downstream business in a joint venture with Vitol. Oando completed the acquisition of ConocoPhillips’ upstream oil and gas business in Nigeria in 2014, leaving it with a much-expanded exploration and production portfolio but also significant debt. At end-June 2016, the group had total short-and long-term borrowings of 279.7bn naira ($888.6m) against 138.2bn naira of total equity.