• 3 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 minutes Forecasts for Natural Gas
  • 14 minutes NordStream2
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 54 mins China's aggression is changing the nature of sovereignty.
  • 1 hour Delta variant in European Union
  • 1 hour President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 3 days Ukrainian Maidan after 8 years
  • 2 days Сryptocurrency predictions
  • 4 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 4 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days OPEC+ Expects Large Oil Glut In Early 2022
Mild Weather Drives Gas Prices Down In Europe

Mild Weather Drives Gas Prices Down In Europe

The benchmark natural gas prices…

China Could Cause The Next Massive Crash In Oil Prices

China Could Cause The Next Massive Crash In Oil Prices

China’s economic boom has led…

Omicron Doom And Gloom May Not Be Justified

Omicron Doom And Gloom May Not Be Justified

The wider commodities complex nosedived…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Premium Content

ConocoPhillips Completes Algeria Oil Unit Sale

ConocoPhillips has completed the sale of its Algeria business unit ConocoPhillips Algeria Ltd. to Indonesian state-owned Pertamina for $1.75 billion, as it seeks to reshuffle its assets despite an uptick in investor interest in Algeria’s oil and gas scene.

While the juniors are increasingly braving the risky new frontiers, the majors are moving toward more immediately profitable unconventional plays in North America.

ConocoPhillips Algeria Ltd. holds interests in three major onshore oil fields that averaged production of 11,000 barrels of oil equivalent per day, with net assets of about $850 million.

The unit operates the Menzel Lejmat North field with 65% interest. Its other interests are Ourhoud 3.7% and nonproducing EMK 16.9%.

Algeria has an estimated 321 trillion cubic feet of recoverable shale gas that is being hungrily eyed by Europe as an alternative to Russian supplies.

Algeria plans to outpace its neighbors, and is already working out how to import hydraulic fracturing technology to speed things along.

Pertamina is Indonesia's largest oil and gas firm by output.

"This major acquisition provides Pertamina with significant volumes of high quality crude and represents a key milestone in our international upstream business expansion efforts," said President Director and CEO, Karen Agustiawan, in a press release.

Last week, Pertamina also finalized the purchase of a 10% stake from ExxonMobil in Iraq’s West Qurna-1 oil field.

ConocoPhillips is shifting its balance sheet to focus on more profitable, less risky ventures in unconventional plays in North America.

The company’s US assets include nearly 2 million net acres across the Eagle Ford, Permian Basin, and the Bakken. Over the next five years, Conoco expects to spend $15 billion developing its acreage in these plays. Some $8 billion of this alone will be invested in Eagle Ford.

From 2012 through third-quarter 2013, the company has generated $12.4 billion in divestiture proceeds, while the original target was $8-10 billion.

ConocoPhillips recently sold its 8.4% interest in Kazakhstan's Kashagan oil field to the nation's state oil company, KazMunayGas, for $5.4 billion and its Nigerian assets to Nigerian oil company Oando.

By. Joao Peixe of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News