ConocoPhillips to become upstream operator of APLNG
ConocoPhillips plans to become the upstream operator of Australia Pacific LNG (APLNG) following the closing of EIG’s transaction with Origin Energy, the company said on March 27.
In connection with this announcement, ConocoPhillips has agreed to purchase up to an additional 2.49% shareholding interest in APLNG for $500mn. ConocoPhillips currently holds a 47.5% APLNG shareholding interest and will own up to 49.99% upon closing.
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Both the assumptions of upstream operatorship and the shareholding acquisition are dependent on EIG closing its transaction with Origin, the company said. EIG’s transaction with Origin and ConocoPhillips’ shareholding acquisition is subject to Australian regulatory approvals and other customary closing conditions.
ConocoPhillips’ full-year 2022 production from APLNG was approximately 136,000 barrels of oil equivalent/day. The transaction is expected to close in early 2024.
APLNG is the largest producer of coalbed methane and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports.