Deals
Santos Targets Asia LNG Growth With $1.4 Billion Conoco Deal
- Conoco to sell gas fields, processing plant in north Australia
- South Korea’s SK E&S will also boost its stake in the business
Photographer: Brent Lewin/Bloomberg
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Santos Ltd. agreed to buy ConocoPhillips’ northern Australia business for $1.4 billion in a deal that will boost the Adelaide-based oil and gas producer’s position in the growing Asian liquefied natural gas market.
The transaction may allow Santos to become the country’s largest independent energy producer and capitalize on a push by Asian consumers, including China, to switch to cleaner burning natural gas away from coal. Conoco is selling its operating interests in the Darwin LNG processing plant and the Bayu-Undan, Barossa and Poseidon gas fields.