- Leaving Nigeria is part of ConocoPhillips' (COP -0.4%) plan to raise cash to pay for a major push to drill for shale oil in the U.S., but the departure hasn't been easy, as the would-be local buyer has struggled to come up with the money.
- If Nigeria-based Oando doesn’t come through with the money for the bigger piece of the deal by Nov. 30, the agreement could be on the rocks, according to COP's recent 10-Q filing.
- COP toned down its optimism about the deal in its filing, noting it could keep Oando’s $435M deposit “if closing does not occur due to default by the buyer or failure to obtain all consents required under Nigerian petroleum laws.”
For ConocoPhillips, leaving Nigeria is proving more difficult than expected
Nov 12 2013, 10:59 ET