ConocoPhillips to Pay $500 Million to Raise Stake in Australia's APLNG

(Reuters) — ConocoPhillips plans to raise its stake in Australia Pacific LNG (APLNG) to 49.9% and become the upstream operator of the company, the U.S. oil and gas producer said on Monday.

The announcement follows the $10.2 billion takeover of Origin Energy by a consortium led by Canada's Brookfield Asset Management.

ConocoPhillips currently holds a 47.5% stake in APLNG, one of the largest suppliers of natural gas to Australia's East Coast. Origin and China's Sinopec hold the remaining shares in APLNG.

For the additional 2.49% of shareholding interest, ConocoPhillips would pay $500 million to MidOcean Energy which would gain Origin's stake in APLNG following the takeover.

The transaction is expected to close in early 2024.

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