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ConocoPhillips to pay 9.6 bln dlrs for half share in gas scheme
0 Comments | AFP, September, 2008
SYDNEY (AFP) — US oil giant ConocoPhillips has agreed to pay up to 9.6 billion dollars (7.95 billion US) for a half stake in a natural gas project owned by Origin Energy in Australia, the companies said Monday.
"Origin is delighted to welcome ConocoPhillips, one of the world's largest integrated energy companies, as its partner in monetising our extensive CSG (coal seam gas) reserves and resources," Origin Chairman Kevin McCann said.
"This outcome represents an outstanding result for Origin shareholders, with ConocoPhillips paying up to 9.6 billion Australian dollars for a 50 percent share in a CSG to LNG (liquefied natural gas) joint venture."
© 2008 AFP
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