Ryan Lance, the new chief executive officer of ConocoPhillips, on Wednesday confirmed that the U.S. exploration and production company plans to sell its Nigerian assets, but said a deal was not imminent.
“We’re testing the market on our Nigerian assets,” Lance told reporters after the company’s annual meeting.
Those assets including on-shore, off-shore oil and gas fields and a stake in its LNG Brass facility, sources familiar with the situation told Reuters on Tuesday.
The assets were expected to attract interest from Nigerian companies such as Conoil and Oando, and Asian players including China’s Sinopec, Indian company ONGC, and South Korea’s KNOC, Reuters sources said.
They could help ConocoPhillips raise about $2.5 billion and possibly more if they were sold separately, which is the most likely route, according to the sources.
Lance had a rough start as he presided over his first annual meeting, as protesters shouted and shareholders criticized board diversity. His opening remarks to shareholders were interrupted four times by protesters who represented cleaning and maintenance workers for the company.
“Support good jobs for Houston!” they shouted at the executive who paused to let them speak.
Two other shareholders stood to criticize Conoco’s newly elected nine-member board of directors, which is made up solely of men.
“Certainly over time the intention is to improve the diversity,” Lance told reporters. “We’re targeting around 10 board members.”
Lance took over as CEO and chairman on May 1, replacing James Mulva, when the company spun off its refining business. The refining company is called Phillips 66.
Shareholder proposals related to lobbying disclosures, greenhouse gas reduction targets and safety were all voted down.
