ConocoPhillips to sell Algerian unit for $1.75B

December 18, 2012 6:35:24 AM PST
ConocoPhillips says it has agreed to sell its business in Algeria to Indonesia's state-owned oil and gas company Pertamina for $1.75 billion.

The Algeria business holds stakes in three major oil fields. The fields produced an average 11,000 barrels of oil equivalent per day for the year through October. The Texas company overall produced about 1.57 million barrels of oil equivalent per day in the nine months through September.

The deal is expected to close by the middle of 2013. ConocoPhillips has sold more than $20 billion in refineries, pipelines and other assets since 2010 to remake itself as an independent oil and gas producer.