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    ConocoPhillips buys additional 10% in Australia Pacific LNG

Summary

ConocoPhillips’ subsidiary now owns a 47.5% interest in APLNG [image credit: ConocoPhillips]

by: Maureen McCall

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ConocoPhillips buys additional 10% in Australia Pacific LNG

US major ConocoPhillips, through its Australian subsidiary, has purchased an additional 10% shareholding interest in Australia Pacific LNG (APLNG), the company said on February 17.

The ConocoPhillips subsidiary now owns a 47.5% interest in APLNG with the purchase from Origin Energy for $1.645bn.  Origin Energy still owns a remaining 25.5%, with Sinopec owning a 25% interest.

“We are pleased to acquire this additional stake in APLNG, which throughout its six years of operations has served as a reliable and efficient supplier of natural gas to the growing Asia Pacific market, and Australia’s East Coast gas market,” said ConocoPhillips CEO Ryan Lance. “With the global energy transition underway, we expect LNG to play an increasingly important role, as it is lower in greenhouse gas emissions intensity than other alternatives.”

Based on the new ownership interest and a full-year average Brent price of $78/barrel, ConocoPhillips would expect approximately $1.8bn of distributions from APLNG in 2022.