Oil and gas major Santos has reworked its agreement with New York listed ConocoPhillips over that company’s northern Australian business, which includes its share in the Darwin liquefied natural gas (LGN) project, and the Bayu-Undan, Barossa and Poseidon assets.
The total consideration for the sale remains unchanged at $1.39-billion, however, the consideration now consists of $1.265-billion in cash and a contingent payment of $200-million instead of $75-million, subject to a final investment decision in the Barossa project.