MELBOURNE (Reuters) – Energy company ConocoPhillips (COP.N) said on Monday it had agreed to sell most of its Australian assets to rival Santos Ltd (STO.AX) for $1.39 billion, with the deal expected to close in the first quarter of 2020.
The U.S. company said it was selling its stakes in the Darwin LNG plant, which it built, the Bayu-Undan field which feeds the plant, the Barossa-Caldita field which may supply the LNG plant in future, and its Poseidon gas asset.
It will, however, keep its stake in the Australia Pacific LNG plant, which it operates in the state of Queensland.
Reporting by Sonali Paul; Editing by Lincoln Feast
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