ConocoPhillips (NYSE: COP) today announced it has completed the
previously announced transaction to sell its 30 percent interest in the
Greater Sunrise Fields to the government of Timor-Leste for $350 million
plus customary adjustments.
“We are pleased to complete this transaction with the government of
Timor-Leste,” said Matt Fox, executive vice president and chief
operating officer. “ConocoPhillips recognizes the importance of the
Greater Sunrise Fields to the nation of Timor-Leste, and this sale gives
them a significant working interest in this important development.”
The Sunrise and Troubadour gas and condensate fields, collectively known
as the Greater Sunrise Fields, are located in the Timor Sea.
The sale transaction covers ConocoPhillips’ interest in Production
Sharing Contracts 03-19 and 03-20 and Retention Leases NT/RL2 and NT/RL4.
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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 16 countries, $70
billion of total assets, and approximately 10,800 employees as of Dec.
31, 2018. Production excluding Libya averaged 1,242 thousand barrels of
oil equivalent per day in 2018, and proved reserves were 5.3 billion
barrels of oil equivalent as of Dec. 31, 2018. For more information, go
to www.conocophillips.com.
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that could cause actual results to differ materially from those
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Commission. Unless legally required, ConocoPhillips undertakes no
obligation to update publicly any forward-looking statements, whether as
a result of new information, future events or otherwise.
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