ConocoPhillips to sell interest in Greater Sunrise Fields to Timor-Leste
Published by David Rowlands,
Editor
LNG Industry,
According to the statement, 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 US$350 million, prior to customary adjustments. ConocoPhillips claims that proceeds from this transaction will be used for general corporate purposes.
Matt Fox, Executive Vice President, Strategy, Exploration and Technology, said: “We are pleased to reach an agreement mutually beneficial to the government of Timor-Leste and ConocoPhillips.
“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 recognise 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.”
ConocoPhillips claims that the transaction is subject to a number of conditions precedent being satisfied. These include funding approval from the government of Timor-Leste, regulatory approvals and partner pre-emption rights. It is expected to close in 1Q19.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02102018/conocophillips-to-sell-interest-in-greater-sunrise-fields-to-timor-leste/
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