The deal was first announced in October
Clayton Utz has helped bring a massive $2.2bn energy and resources deal to completion.
In October, the firm announced its role in advising NYSE-listed ConocoPhillips on the sale of its Australia-West and East Timorese assets and operations to Santos Limited. The transaction was finally completed on 28 May.
“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,” lead partner Emma Covacevich said.
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The assets sold in the deal make up 37.5% of ConocoPhillips’s interest in the Barossa project and Caldita Field. It also comprises 56.9% of the energy and petroleum company’s 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.
Clayton Utz said the deal is one of the largest transactions of its kind in Australia in recent times.
“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,” Covacevich said. “We warmly congratulate both ConocoPhillips and Santos on this milestone.”
Covacevich, who is a partner on the firm’s corporate team and an oil and gas specialist, headed a multidisciplinary team that included partners Peter Feros (tax), Saul Harben (workplace relations), Cameron Gascoyne (IT/IP) and senior associate Katy Warner (corporate, energy and resources).
The Clayton Utz team advised on all aspects of the landmark deal, coordinating with ConocoPhillips's legal, tax and commercial teams. Its completion “represents the culmination of over 12 months' effort,” Clayton Utz said.
Following the sale, ConocoPhillips holds onto its 37.5% interest in the Australia Pacific LNG project.
Greenwoods & Herbert Smith Freehills advised Santos on the deal alongside co-adviser EY.
Katy Warner