Santos Wraps Up $1.39B Deal for Conoco's Australia-West Assets
Thursday,May 28,2020
ConocoPhillips has finalized the $1.39B sale of its Australia-West assets and operations to Santos.
Production associated with the assets being sold averaged approximately 46 MBOED for the first three months of 2020, and proved reserves were approximately 17 MMBOE at year-end 2019.
Slight Closing Adjustments
While total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the payments such that $125 million of the originally announced $1.39 billion upfront cash payment would be allocated toward a payment due upon final investment decision of the proposed Barossa development project.
This brings the total due to ConocoPhillips upon a final investment decision to $200 million.
Australia Oil & Gas News
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