Santos buying Conoco's Australia assets for $1.39B

Monday, 14. October 2019 06:48

ConocoPhillips Co. acknowledged it is divesting of its positions in and off northern Australia, actually bundled as Australia-West, including closing adjustments. The United States-based fossil fuel giant will also receive a payment of $75 million upon final investment decision of the Barossa development project. Santos Ltd. is paying a nominal $1.39 billion by the end of March for natural gas and liquefied natural gas facilities, according to the announcement.

Target entities have 37.5% in the said endeavor and the Caldita field as well as a 56.9% interest in the Darwin LNG export plant and terminal the diminishing Bayu-Undan field. The package includes the 40% stake in Poseidon and that 50% of the Athena field that Conoco is selling. It noted it would keep the 37.5% it has in the Australia Pacific LNG endeavor, which it operates in Queensland.

Santos controls 11.5% of Darwin LNG and Bayu-Undan and 25% of Barossa. It revealed it is looking to lower its holding in the Darwin LNG project to between 40% and 50%.

Related Links: ConocoPhillips Inc.
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