Santos to buy ConocoPhillips northern Australia business for US$1.39 billion

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 66%

United States News News

United States United States Latest News,United States United States Headlines

Australian oil and gas producer Santos Ltd on Monday said it would acquire the northern Australia business of ConocoPhillips , the world's ...

REUTERS: Australian oil and gas producer Santos Ltd on Monday said it would acquire the northern Australia business of ConocoPhillips , the world's largest independent oil and gas producer, for US$1.39 billion.

ConocoPhillips' northern Australia business has operating interests in the"long-life low cost gas assets" Darwin LNG, Bayu-Undan, Barossa and Poseidon, Santos said.The deal consideration has an additional AUS$75 million payment contingent on final investment decision on the Barossa asset, which is expected by early 2020.

The Barossa gas export pipeline is a planned new source of gas to the Darwin liquefied natural gas facility when its existing offshore gas supply from another nearby facility is exhausted. "Santos intends to manage gearing within our stated operating range and is targeting to selldown equity in Darwin LNG and Barossa to 40-50per cent in order to create alignment between joint venture participants," the company said in a statement.

ConocoPhillips said in a separate statement that the assets being sold produced about 50,000 barrels of oil equivalent per day in the first half of 2019, adding that the sale is expected to be completed in the first quarter of 2020.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in US

United States United States Latest News, United States United States Headlines