(IBTimes) - ConocoPhillips (
), is preparing to sell all of its assets in one of Africa's
leading producers of crude oil -- Nigeria.
The company's sale is expected to include all of
ConocoPhillips' on-shore and off-shore oil and gas fields,
including a stake in its Liquefied Natural Gas Brass facility,
reported Reuters Tuesday citing unnamed sources.
The company holds a 20 percent stake in three oil fields
operated by Italian oil company Eni near the coast of Nigeria's
ConocoPhillips holds a minority stake in operations developing
20 million barrels of oil a day and 141 million cubic feet of
natural gas a day in Nigeria, said the company's website citing
2010 production numbers.
The company also holds interests in other African countries
including Libya, Algeria and Angola.
The company's energy production in Africa however is much
lower thanin Alaska, the United States and the Middle East.
According to a 2011 annual report, the company's African
operations constituted 4 percent of its total production, and 5
percent of its energy reserves.
In 2011, the company produced 1.6 billion barrels of oil and
Nigeria is home to Africa's second-largest oil reserves and as
of 2011, has an estimated 37.2 billion barrels in proven
reserves, reported the U.S. Energy Information
ConocoPhillips did not return requests for comment by press
In Tuesday trading in New York, ConocoPhillips rose $1.08 a
share to $54.44.
For more information, go to