U.S. oil and gas producer ConocoPhillips said that it has agreed to sell its 30 percent interest in the Greater Sunrise Fields to the government of Timor-Leste for USD350 million.
The total sales price of the transaction, which is conditioned on the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights, is for $350 million, prior to customary adjustments. Proceeds from this transaction will be used for general corporate purposes.
“We are pleased to reach an agreement mutually beneficial to the government of Timor-Leste and ConocoPhillips,” said Matt Fox, executive vice president, Strategy, Exploration and Technology.
“ConocoPhillips has a long history in Timor-Leste through our operated interest in the Bayu-Undan field. Although we differ with the government on its proposed development plan for Sunrise, we recognize the importance of the field to the nation of Timor-Leste, and the sale of our interest to the government gives them a working interest in this important development,” Matt Fox added.
The transaction is subject to certain conditions precedent being satisfied, including funding approval from the government of Timor-Leste, regulatory approvals and partner pre-emption rights. It is expected to close in the first quarter of 2019.
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $69 billion of total assets, and approximately 11,200 employees as of June 30, 2018.
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