At completion, the net settlement amount was US$655 million, lower than the previously forecast amount of US$800 million, comprising the revised firm purchase price of US$1.265 billion less cash in the acquired business from the effective date of 1 January 2019 to completion with customary adjustments. Additionally, ConocoPhillips will be paid $75m after a final investment decision is taken on the Barossa development project in which it has an operating stake of 37.5%. ConocoPhillips Australia SH1 Pty Limited (ConocoPhillips Australia) is proposing to conduct the Sequoia 3D marine seismic survey activity in Commonwealth Waters. The move comes as the Bayu-Undan gas field that feeds Darwin LNG is set to run dry in 2022 and the project's owners near a decision on which field to develop next to keep the plant running. Santos acquires the northern Australia assets of ConocoPhillips. ConocoPhillips will continue to support the FID process for Barossa. "The acquisition of these assets fully aligns with Santos' growth strategy to build on existing infrastructure positions while advancing our aim to be a leading regional LNG supplier," Gallagher said in a statement. Darwin LNG is the second-oldest of Australia's 10 LNG plants. Sergio Dionisio | Bloomberg | Getty Images. Santos last week announced it has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase price of US$1.265 billion plus an increased contingent payment of US$200 million subject to a final investment decision (FID) on Barossa. ConocoPhillips has agreed to sell its northern Australian business to its partner Santos for $1.39 billion, in a deal that will boost the Australian oil and gas group’s output by 25%. The two companies in October 2019 struck a deal for Santos to acquire ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa, and Poseidon for US$1.39 billion, plus a $75 million contingent payment subject to FID on … The fields, about 700km north of Darwin, contain an estimated 3.5 trillion cubic feet of gas but are burdened by carbon dioxide levels of more than 10 per cent. In a move to better align ownership of Darwin LNG and the fields that feed it, Santos said it is looking to cut its stakes overall to about 40%-50%, down from 68.4% stake in Darwin LNG and Bayu-Undan and 62.5% in Barossa following the acquisition. The deal, set to close in the first quarter of 2020, is expected to boost Santos' earnings per share by 16% and increase its production by 25% in 2020, the company said. ConocoPhillips has completed the sale of its subsidiaries that hold its Australia-West assets and operations to Santos for a reduced purchase … Offshore Energy Today Staff Santos Managing Director and Chief Executive Officer Kevin Gallagher said he was pleased to complete the acquisition which is fully-aligned with Santos’ strategy to build on existing infrastructure positions around Santos’ core assets. Santos owns 11.5 per cent of the gas export facility (ConocoPhillips owns a 57 per cent stake) and 25 per cent of the Barossa field (the US giant owns 37.5 per cent). The Bayu-Undan fields, which … Sign up for free newsletters and get more CNBC delivered to your inbox. Image credit: ConocoPhillips Australia. “As a foundation partner in Bayu-Undan and Darwin LNG, and an existing partner in Barossa, we know these assets well. Santos’ interest in the Barossa project to backfill Darwin LNG increases to 62.5%. Santos today is pleased to announce it has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase price of US$1.265 billion plus an increased contingent payment of US$200 million subject to a final investment decision (FID) on Barossa. “We are continuing to advance discussions with other parties for the sale of further equity in the Barossa project in line with our previously stated target ownership level of around 40% to achieve increased partner alignment and prudent future allocation of growth capital. Santos boss Kevin Gallagher says gas has a big future as the company inked a $2.2 billion deal to buy a range of northern Australian assets from the international oil and gas company ConocoPhillips. The two companies in October 2019 struck a deal for Santos to acquire ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa, and Poseidon for US$1.39 billion, plus a $75 million contingent payment subject to FID on Barossa. ConocoPhillips COP recently completed the divestment of northern Australia and Timor-Leste assets to Australian oil and gas company Santos under a revised deal. Santos will acquire ConocoPhillips’ interests in northern Australia for total consideration of US$1.465 billion, comprising a US$1.39 billion upfront payment at completion and a US$75 million contingent payment once a final investment decision on Barossa is made. Australian oil and gas company Santos has executed documentation to enter into a new US$750 million syndicated bank loan, to refinance existing debt facility established for the acquisition of ConocoPhillips’ northern Australian and Timor-Leste assets. Santos Ltd. (South Australia Northern Territory Oil Search) is an Australian energy company, the country's second-largest independent oil and gas producer. 29 May, 2020 . ConocoPhillips reported Sunday that it has agreed to sell the subsidiaries holding its Australia-West assets and operations to Santos Limited for US$1.39 billion, plus closing adjustments. ConocoPhillips Completes Sale of Interests in Australia-West Download.PDF | Download Tetum translation.PDF HOUSTON – ConocoPhillips (NYSE: COP) today announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Santos. At its nearest points, the survey area is located 23.5 km from the west coast of King Island and 26 km from the Victorian coast. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The purchase price at completion was fully-funded from available cash together with US$750 million of new two-year acquisition debt. Worth noting, Santos is also a joint venture partner in Darwin LNG with an 11.5% interest. Santos says it will buy ConocoPhillips’s stakes in assets in northern Australia for $US1.39 billion, plus a further $US75 million contingent on a final investment decision being … 192. There has been speculation for several years that the assets were for sale, as flagged by this column in 2015. ConocoPhillips To Sell Australia-West Assets To Santos About For $1.39 Bln HOUSTON (dpa-AFX) - ConocoPhillips (COP) said that it agreed to sell its … Santos has previously announced an agreement to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S for US$390 million and the signing of a letter of intent to sell a 12.5% interest in Barossa to JERA. The reduced purchase price on completion has a favourable impact on net debt and gearing, with net debt at completion estimated at US$3.75 billion and gearing at approximately 32%. 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