... O-ando said it paid a $435 million cash deposit to ConocoPhillips upon signing the deal announced late Thursday.

The deal includes ConocoPhillips' interest in onshore and offshore properties ithat produced 43,000 barrels of oil equivalent per day through October.

Onshore,will take over a ConocoPhillips subsidiary which holds a 20% non-operated interest in Oil Mining Leases 60, 61, 62, and 63 as well as related infrastructure and facilities in the NAOC

The deal also includes a 17% interest in the two-train 10 million tonne-per-annum Brass LNG project in Bayelsa state.

Offshore,gets a 95% operated interest in OML 131 and a 20% non-operated interest in OPL 214.

The assets hold a total of about 213 millions of barrels of oil equivalent of proved plus probable reserves.

"This potential transaction represents a transformational step forward for our company and is in keeping with our overall strategy to grow our portfolioby focusing on those opportunities that deliver high-quality growth in reserves and production," said chief executive Pade Durotoye

The transaction is expected to close by mid-2013.