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The
vetting process in the ConocoPhillips divestment of Nigerian oil and gas assets
has been completed and the successful applicants have been
informed. Bids were submitted by the applicants on the basis of fairly
limited information.
Those that have passed the first hurdle will now be admitted to the data room for more in depth due diligence in order to properly evaluate the assets they are interested in. Many will have put in their bid on a blind basis and will only now gain a better understanding of the asset or assets they are interested in and how well they stack up under close scrutiny. Following the completion of their due diligence they will then put in their final bid.
Those that have passed the first hurdle will now be admitted to the data room for more in depth due diligence in order to properly evaluate the assets they are interested in. Many will have put in their bid on a blind basis and will only now gain a better understanding of the asset or assets they are interested in and how well they stack up under close scrutiny. Following the completion of their due diligence they will then put in their final bid.
It is
understood that there are a number of indigenous firms among the bidders. It is
not yet certain whether their interests in the relevant blocks will be sold in
one lot or in several lots or individually. The blocks include OMLs 60, 61, 62,
63 and 131 and OPL 214 as well as Brass LNG.
Source: NogIntelligence
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