ConocoPhillips sells its Australian and East Timorese assets

By Naomi Neilson|21 October 2019

Clayton Utz has advised ConocoPhillips on its acquirement by Santos Limited.

Firm: Clayton Utz (ConocoPhillips)

Deal: Clayton Utz has advised NYSE-listed ConocoPhillips on its arrangements with Santos Limited to acquire ConocoPhillips’ Australia West and East Timorese assets.

Value: $2.2 billion.

Area: M&A.

Key players: The team was led by partner Emma Covacevich and assisted by partners Peter Feros, Saul Harben, Cameron Gascoyne and Linda Evans. Senior associate Katy Warner also supported the team.

Deal significance: Under the terms of the deal, ConocoPhillips will sell its Australian and East Timorese assets, with the exception of interest in the Australian Pacific LNG (APLNG) project.

The assets comprise of a 37.5 per cent interest in the Barossa project and the Caldita Field, its 56.9 per cent interest in the Darwin LNG facility and Bayu-Undan field, its 40 per cent interest in the Poseidon field, and its 50 per cent interest in the Athena field.

Ms Covacevich said: “We enjoyed the challenge of being able to bring our team’s expertise across a whole range of areas – in this case, tax, intellectual property, competition and oil and gas – to navigate often complex issues and achieve a great outcome for our client.”

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ConocoPhillips sells its Australian and East Timorese assets
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