ConocoPhillips announces $350-million divestiture in East Timor

HOUSTON -- ConocoPhillips has announced it has entered into an agreement to sell to the government of Timor-Leste its 30% interest in the Greater Sunrise fields. The total sales price of the transaction, which is conditioned on the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights, is for $350 million, prior to customary adjustments. Proceeds from this transaction will be used for general corporate purposes.

“We are pleased to reach an agreement mutually beneficial to the government of Timor-Leste and ConocoPhillips,” said Matt Fox, executive V.P., Strategy, Exploration and Technology. “ConocoPhillips has a long history in Timor-Leste through our operated interest in the Bayu-Undan field. 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, and the sale of our interest to the government gives them a working interest in this important development.”

The transaction is subject to certain conditions precedent being satisfied, including funding approval from the government of Timor-Leste, regulatory approvals and partner pre-emption rights. It is expected to close during first-quarter 2019.