Home ›› 10 Dec 2021 ›› World Biz
US oil and gas producer ConocoPhillips will quit Indonesia, selling its assets there for $1.355 billion to domestic energy company Medco Energi Internasional, and beef up in Australia as it continues to reshape.
The deals follow ConocoPhillips move to double down on US shale with a $9.5 billion purchase of Royal Dutch Shell’s West Texas properties and a $13.3 billion deal for Concho Resources, and its exit from Canada’s oil sands, US offshore and British North
Sea fields.
The largest US independent oil producer said on Wednesday it would sell its subsidiary that indirectly owns a 54 per cent stake in the Indonesia Corridor Block Production Sharing Contract (PSC), which has two oil fields and seven gas fields, and a 35 per cent shareholding interest in Transasia Pipeline Company.
At the same time, ConocoPhillips said it was exercising its right to buy up to an additional 10 per cent stake in Australia Pacific LNG (APLNG) from Origin Energy for up to $1.645 billion, pre-empting an offer from private equity firm EIG Partners for that stake.
