ConocoPhillips has entered into an agreement to sell its oil and gas assets in Indonesia, which produced about 50,000 boe/d in 2020 to MedcoEnergi for a total consideration of US$1,355m. ConocoPhillips indirectly owns a 54% stake in the Indonesia Corridor Block Production Sharing Contract (PSC), which has two oil fields and seven gas fields, and a 35% shareholding interest in Transasia Pipeline Company. Once completed in early 2022, the transaction will boost MedcoEnergi's oil and gas production to 155,000 boe/d (+40% from its current production capacity).
Meanwhile, ConocoPhillips has announced that it is exercising its preempting right to acquire an additional 10% stake in the Australia Pacific LNG (APLNG) project in Australia from Origin Energy for US$1,645m. The acquisition will close in the first quarter of 2022 and will raise the group's stake in APLNG from 37.5% to 47.5%.