ConocoPhillips to Pay $500 Million to Raise Stake in Australia's APLNG
3/27/2023
(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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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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