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Santos acquires ConocoPhillips' northern Australian portfolio for US$1.39 billion
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Santos has acquired ConocoPhillips’ northern Australia assets for US$1.39 billion with an additional US$75 million contingent payment upon FID on the Barossa project. Darwin LNG, Bayu-Undan and Poseidon are also part of the deal. The acquisition aligns with Santos' corporate Australasian centred growth strategy. ConocoPhillips' sale is no surprise, as it looks to bolster its North American unconventional and Alaskan positions. This deal will act as a catalyst for further M&A, with equity alignment across DLNG and the Barossa development a likely outcome.
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