Brisbane, 29 May 2020: A Clayton Utz team has marked the successful completion of client ConocoPhillips's sale of its Australia-West and East Timorese assets and operations for $US1.39 billion ($A2.2 billion) to Santos Limited - one of the largest energy and resources deals in Australia in recent times. The deal was announced to the market on 13 October.
Completion yesterday (28 May) represents the culmination of over 12 months' effort by a cross-specialist Clayton Utz team led by Corporate partner and oil and gas specialist Emma Covacevich, working alongside ConocoPhillips's legal, tax and commercial teams on all aspects of the strategic sale process. Other core team members were partners Peter Feros (Tax), Saul Harben (Workplace Relations), Cameron Gascoyne (IT/IP) and senior associate Katy Warner (Corporate, Energy and Resources).
ConocoPhillips's Australian and East Timorese assets comprise a 37.5% interest in the Barossa project and Caldita Field, its 56.9% interest in the Darwin LNG facility and Bayu-Undan Field, its 40% interest in the Poseidon Field, and its 50% interest in the Athena Field. It will retain its 37.5% interest in the Australia Pacific LNG (APLNG) project.
Emma said the Clayton Utz team appreciated the opportunity to work with the ConocoPhillips team on such a strategically significant transaction, and to see it through to successful completion.
"This transaction marks the end of an era for ConocoPhillips and its involvement in developing some of Australia's and East Timor's most iconic oil and gas developments. It is always satisfying to be involved in a transaction that requires us to bring together a range of specialist experience and work collaboratively to navigate the legal and commercial complexities that go hand in hand with a deal of this scale. We warmly congratulate both ConocoPhillips and Santos on this milestone."