ConocoPhillips quits northern Australia in $1.4 billion sale to Santos

) for $1.39 billion, in a deal that will hike the Australian group’s output by 25% and boost its position in the global gas market.

ConocoPhillips, which has been focusing on its U.S. shale assets, will quit the Darwin LNG plant, which it opened in 2006, and gas fields off northern Australia, but hold on to its stake in the Australia Pacific LNG plant in Queensland state. “The big prize here is pushing forward with development and setting up the framework to develop other resources in the region over time,” Gallagher told reporters on a conference call.

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