ConocoPhillips sells part of natural gas fields in the Pacific

ConocoPhillips says its entered into an agreement to sell part of its 30 percent interest in the Greater Sunrise Fields in the Pacific to the government of Timor-Leste.

It’s a $350 million deal, according to ConocoPhillips. But it is also 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.

The field is adjacent to East Timor and Indonesia. The closing is expected to take place in the first quarter of 2019.

“We are pleased to reach an agreement mutually beneficial to the government of Timor-Leste and ConocoPhillips,” said Matt Fox, executive vice president, 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.”