Seeking Alpha

For ConocoPhillips, leaving Nigeria is proving more difficult than expected

  • 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.”
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