ConocoPhillips sells East Timor stake for $350 million

Houston-based ConocoPhillips has an offshore development in Bohai Bay in China.
Houston-based ConocoPhillips has an offshore development in Bohai Bay in China.

ConocoPhillips is selling its stake in East Timor’s Greater Sunrise gas field back to the government for $350 million.

The sale resolves a disagreement between the Houston energy producer and the government of East Timor, also known as Timor-Leste, which aims to develop the field more quickly to bring in greater federal revenues.

ConocoPhillips owns a 30 percent stake in the field, which is located between Indonesia and Australia.

ConocoPhillips Executive Vice President Matt Fox called the sale a mutually beneficial deal.

“Although we differ with the government on its proposed development plan for Sunrise, we recognize the importance of the field to the nation of Timor-Leste,” Fox added, “and the sale of our interest to the government gives them a working interest in this important development.”

The deal is expected to close early next year.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

 

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