ConocoPhillips to pay 9.6 bln dlrs for stake in Origin gas scheme

0 Comments | AFP, September, 2008

SYDNEY (AFP) — Oil giant ConocoPhillips will pay up to 9.6 billion dollars (eight billion US) for a half share in a natural gas project owned by Origin Energy in Australia, the companies said Monday.

Origin told Australia's stock exchange that US giant ConocoPhillips would take a 50 percent stake in the scheme, which will convert coal seam gas (CSG) to liquefied natural gas (LNG) for export to Asia.

"This outcome represents an outstanding result for Origin shareholders, with ConocoPhillips paying up to 9.6 billion dollars for a 50 percent share in a CSG to LNG joint venture," Origin's Chairman Kevin McCann said in a statement.

The joint venture in northeastern Queensland state, under which Conoco Phillips would make an up front payment of six billion...