ConocoPhillips announces $1.39B agreement to sell interests in Australia-West
ConocoPhillips announced it has entered into an agreement to sell the subsidiaries that hold its Australia-West assets and operations to Santos for $1.39B, plus customary closing adjustments. In addition, the company will also receive a payment of $75M upon final investment decision of the Barossa development project. The subsidiaries hold the company's 37.5% interest in the Barossa project and Caldita Field, its 56.9% interest in the Darwin LNG facility and Bayu-Undan Field, its 40% interest in the Poseidon Field, and its 50% interest in the Athena Field. ConocoPhillips will retain its 37.5% 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. The effective date for the transaction will be January 1, 2019. The transaction is subject to regulatory approval and other specific conditions precedent. The sale is expected to be completed in the first quarter of 2020.