ConocoPhillips has announced two transactions regarding the Asia Pacific segment of its global portfolio.
The company announced it has entered into an agreement to sell the subsidiary that indirectly owns the company’s 54 percent interest in the Indonesia Corridor Block Production Sharing Contract and a 35 percent shareholding interest in the Transasia Pipeline Company. The sale to MedcoEnergi for $1.355 billion is subject to customary adjustments and is expected to close in early 2022, subject to certain conditions.
The Indonesia assets being sold produced approximately 50 thousand barrels of oil equivalent per day (MBOED) for the nine months ended Sept. 30, 2021, and had year-end 2020 proved reserves of approximately 85 million barrels of oil equivalent. The effective date for the transaction will be Jan. 1, 2021.
In addition, through its Australian subsidiary, the company announced that it has notified Origin Energy that it is exercising its preemption righ