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ConocoPhillips to Sell Australia West Assets to Santos

Gasoil News - Published on Wed, 16 Oct 2019

Image Source: thestreet.com
ConocoPhillips announced that it has entered into an agreement to sell the subsidiaries that hold its Australia-West assets and operations to Santos for USD 1.39 billion, plus customary closing adjustments. In addition, the company will also receive a payment of USD 75 million upon final investment decision of the Barossa development project. The subsidiaries hold the company’s 37.5 percent interest in the Barossa project and Caldita Field, its 56.9 percent interest in the Darwin LNG facility and Bayu-Undan Field, its 40 percent interest in the Poseidon Field, and its 50 percent interest in the Athena Field. ConocoPhillips will retain its 37.5 percent interest in the Australia Pacific LNG project and operatorship of that project’s LNG facility. Proceeds from this transaction will be used for general corporate purposes.

Mr Matt Fox executive vice president and chief operating officer said that “We are extremely proud of our work in Australia-West over the last 20 years. We are pleased that Santos recognizes the value of the existing business as well as the opportunity to develop Barossa and thereby continue Darwin LNG’s operations for another 20-plus years. While we believe the Darwin LNG backfill project remains among the lower cost of supply options for new global LNG supply, this transaction allows us to allocate capital to other projects that we believe will generate the highest long-term value to ConocoPhillips.”

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Posted By : Rabi Wangkhem on Wed, 16 Oct 2019
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