ConocoPhillips agrees to sell Algerian unit

ConocoPhillips, continuing a program of selected asset disposition, has agreed to sell its Algerian business unit for $1.75 billion plus adjustments to PT Pertamina of Indonesia.

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.

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