ConocoPhillips winds up its Northern Australia business with a US$1.4 bn sale to Santos

AUSTRALIA – American multinational energy corporation ConocoPhillips has agreed to sell its northern Australian business to partner Santos Ltd for $1.39 billion, in a deal that will hike the Australian group’s output by 25% and boost its position in the global gas market. Reuters reported that the deal marks the second major acquisition by Santos in less than a year, following a sharp turnaround in its fortunes under Managing Director Kevin Gallagher. ConocoPhillips, which has been recently increasingly focusing on its U.S. shale assets, will quit the Darwin LNG plant,…

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