Salem Radio Network News Wednesday, January 26, 2022

Business

ConocoPhillips to sell Indonesia assets for over $1 billion

(Reuters) -U.S. oil and gas producer ConocoPhillips said on Wednesday it will sell its assets in Indonesia for $1.355 billion to domestic energy company MedcoEnergi.

ConocoPhillips also said it was exercising its right to purchase up to an additional 10% shareholding interest in Australia Pacific LNG (APLNG) project from Origin Energy for up to $1.645 billion.

The largest U.S. independent oil producer has put its future squarely in 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 exited Canada’s oil sands, U.S. offshore and British North Sea fields.

ConocoPhillips’ Indonesia assets being sold produced about 50,000 barrels of oil equivalent per day (boepd) for the nine months ended Sept. 30, 2021, and had year-end 2020 proved reserves of about 85 million boe.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

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