(EnergyAsia, August 11 2014, Monday) — Canada-listed Oando Energy Resources has completed the US$1.5 billion purchase of a collection of oil and gas assets in Nigeria from US upstream firm ConocoPhillips which is leaving the troubled African nation to focus on shale opportunities back home.

After over a year of negotiations, Lagos-based Oando said it has taken over ConocoPhillips’ stakes in oil and gas fields, exploration licences, pipelines and an oil terminal. The Houston, Texas firm said it has transferred its 17% share in the planned Brass liquefied natural gas (LNG) project to the project’s other owners, Nigerian National Petroleum Corporation (NNPC), France’s Total and Italy’s ENI.

“This transaction represents a transformational leap forward for our company and is in keeping with our overall strategy to grow our portfolio of Nigerian-based assets by focusing on those opportunities that deliver high quality growth in reserves and production,” said Pade Durotoye, Oando’s CEO.

The sale has enabled ConocoPhillips to lighten its exposure to Africa following the US$1.75 billion disposal of its oil business in Algeria last year. The company is still holding onto its upstream stakes in Angola, Libya and Senegal.