Deal: Allens has advised Santos on its agreement to acquire ConocoPhillips’ interests in Northern Australia.

Value: More than $2 billion, together with a $108 million contingent payment.

Area: M&A.

Key players: Partner Andrew Pascoe led the deal with partners Tracey Greenaway and Igor Bogdanich.

Deal significance: As part of the deal, Santos has entered into a letter of intent to sell down a 25 per cent interest in Bayu-Undan and the Darwin LNG project to SK E&S, its partner in the Barossa project. Santos is also in discussions with the existing Darwin LNG joint venture partners for the possible sale of equity in Barossa.

The transaction will deliver Santos operatorship and control of the Darwin LNG facility, the Bayu-Undan project and the Barossa project. Allens said the transaction will also create a greater level of ownership alignment between the Barossa project and the Darwin LNG facility.

Mr Pascoe said: “We are delighted to be partnering with the Santos team on this landmark transaction. The transaction has been complex and multifaceted, involving numerous moving parts. We have had to draw upon the full breadth of our expertise and geographical reach, and to coordinate various teams of our experts.”

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