Oil and gas operator Oando has sold its gas subsidiary East Horizon Gas Company (EHGC) to Seven Energy as it seeks to grow its gas processing infrastructure
Following an announcement of a planned US$800mn investment to fund projects across the country, Seven Energy recently revealed that an agreement was drawn for the acquisition of Oando’s EHGC assets.
The US$250mn deal is set to improve the company’s liquidity to further expand in the upstream sector, which has proved to be more profitable, Wale Tinubu, Oando's CEO stated.
“The proceeds of the sale will boost the group’s overall liquidity in furtherance of our main growth initiatives in the upstream,” Tinubu said.
The sale is also expected to support Oando’s plans to abandon non-core assets to centre its focus on expanding its upstream business, the CEO revealed.
The pan-African oil and gas company operates within both the upstream and downstream sector of Nigeria’s oil industry, covering exploration and production to refining and marketing, it said.
