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ConocoPhillips closes Australian assets sale to Santos

28/05/2020
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ConocoPhillips has now closed its sale of north Australian assets to Santos, following an agreement last October worth $1.39 billion.

ConocoPhillips has sold its north Australian assets to Santos for $1.39 billion
(Image via ConocoPhillips)

Under terms of the agreement, Santos has now taken over operating interests in the Darwin LNG, Bayu-Undan field, Barossa project and Poseidon project.

Total production associated with the assets averaged approximately 46,000 barrels of oil equivalent per day for the first three months of 2020, with proved reserves of approximately 17 million barrels of oil equivalent as of the end of 2019.

Subject to FID on the Barossa project, Santos are contracted to pay a further contingent $75 million. $125 million of the total $1.39 billion consideration is also not due to be paid until a FID on the project has been reached. 

“We are continuing to advance discussions with other parties for the sale of further equity in the Barossa project in line with our previously stated target ownership level of around 40 per cent to achieve increased partner alignment and prudent future allocation of growth capital. We are also in discussions with buyers for Barossa LNG volumes,” said Santos managing director and chief executive officer, Kevin Gallagher.

ConocoPhillips says it has received net cash proceeds of approximately $765 million in the current quarter which will be used for general corporate purposes. 

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ConocoPhillips closes Australian assets sale to Santos - Time to read 2 min
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