Santos, ConocoPhillips Sell $520M Stake In Aussie Gas Sites

Law360, New York (June 7, 2012, 12:38 PM EDT) -- Santos Ltd. and ConocoPhillips have agreed to sign over a minority interest in two offshore Australian natural gas discoveries to a unit of South Korean conglomerate SK Group in a deal worth up to $520 million, Santos said Thursday.

Pending regulatory approval, SK Group's SK E&S will pick up a 37.5 percent stake in the yet-undeveloped Caldita and Barossa gas fields in the Bonaparte Basin, located in the Timor Sea off Australia's northwestern coast. ConocoPhillips' interest will drop from 60 percent to 37.5 percent, and Santos'...
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