The unit, ConocoPhillips Algeria Ltd., holds interests in three onshore oil fields, on or partly on Block 405a, with total production net to ConocoPhillips of 11,000 boe/d.
ConocoPhillips Algeria operates one of the fields, Menzel Lejmat North, with a 65% interest. The other fields and the unit’s interests are Ourhoud, 3.7%, and nonproducing EMK, 16.9%.
The transaction is subject to coventurer preemption rights and government approval. ConocoPhillips expects it to close by mid-2013.