Santos has agreed to buy ConocoPhillips' Australian Oil & Gas assets for $1.39 billion, with the exception of a Queensland-based liquefied natural gas (LNG) project. ConocoPhillips will retain its 37.5% interest in the Australia Pacific LNG project and operatorship of that project's LNG facility. ConocoPhillips will use the proceeds from the Santos transaction for general corporate purposes.
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