ConocoPhillips,  the third largest integrated energy company in the U.S. and the fifth largest refiner in the world,  is set to sell its Nigerian assets including onshore and offshore oil and gas fields and its stake in LNG Brass facility.

According to Reuters, ConocoPhillips has hired BNP Paribas to help sell its assets. The oil gaint’s assets is expected to attract interests from indigenous companies in Nigeria’s oil and gas sector including Conoil and Oando as well as China’s Petroleum and Chemical Corporation (Sinopec), Oil and Natural Gas Corporation (ONGC) of India and Korea National Oil Corporation (KNOC).

The United State Oil giant’s onshore assets is said to be fully functional, and perceived as the most valuable part of  its operations. However, the company’s Brass LNG project could be difficult to value due to the fact that it is in its early stages.

Another potential snag could be the Nigerian Content Act. The Act is likely to complicate any transaction as foreign suitors need to partner with a local indigenous firms before they would be able to buy assets. The Local Content Law drafted to help give local firms priority when assets are being sold and in bids for new projects. Thus, there is a high possibility of local ownership of Conoco’s assets.

The state-oil firm, the Nigerian National Petroleum Corporation (NNPC) is the majority shareholder in Conoco’s onshore and LNG assets and is seen as less likely to be among the interested parties, the sources said. Although Group General Manager, Corporate Affairs of NNPC Dr. Levi Ajuonuma could not confirm this at the time of the report.

ConocoPhillips recently completed the spin off of its refining into Phillips 66, a newly created independent U.S. company.

The sale of ConocoPhillips’ assets would help the company raise about $2.5 billion and possibly more if the assets were sold separately. According to reports, the option of selling seperately seems the more likely option.