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Wednesday, December 19, 2012
US major ConocoPhillips is selling off its unit in Algeria. As part of its asset disposition program, the company agreed to sell its Algerian business unit to Indonesia’s state-run firm Pertamina for $1.75 billion.
ConocoPhillips holds interests in three major onshore oil fields that averaged 11,000 boepd. The company said the net carrying value of its Algerian assets was roughly $850 million at the end of October.
The transaction is expected to close by mid-2013.
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