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ConocoPhillips inks $1.39B deal to sell Australia-West assets to Santos

ConocoPhillips is set to raise $1.39 billion from the sale of its Australia-West assets and operations to Santos Ltd. for use for general corporate purposes.

The assets include a 37.5% interest in the Barossa project and Caldita field, a 56.9% interest in the Darwin LNG facility and Bayu-Undan field, a 40% interest in the Poseidon field and a 50% interest in the Athena field. Under the deal, ConocoPhillips will receive another $75 million upon final investment decision of the Barossa project.

Production associated with the assets was approximately 50,000 barrels of oil equivalent per day for the first half of 2019 and proved reserves were approximately 39 million barrels of oil equivalent at year-end 2018.

"While we believe the Darwin LNG backfill project remains among the lower cost of supply options for new global LNG supply, this transaction allows us to allocate capital to other projects that we believe will generate the highest long-term value to ConocoPhillips," said Executive Vice President and COO Matt Fox in an Oct. 13 statement.

The deal excludes ConocoPhillips' 37.5% interest in the Australia Pacific LNG project and operatorship of the facility.

The effective date of the transaction will be Jan. 1, 2019. The sale, subject to regulatory approval and other specific conditions precedent, is expected to be completed in the first quarter of 2020.