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ConocoPhillips completes sale of exploration blocks offshore

ConocoPhillips on Monday announced it has completed a transaction for the sale of its shares in ConocoPhillips Senegal BV, which holds a 35 percent interest in three exploration blocks offshore Senegal. The total sales price of the transaction, which is between the subsidiaries of ConocoPhillips and Australia’s Woodside Petroleum Ltd. (ASX: WPL), was approximately $440 million, including net customary adjustments of approximately $90 million.

“We are pleased to complete this transaction with Woodside,” said Matt Fox, executive vice president, Strategy, Exploration and Technology.

“We experienced a transparent and cooperative relationship with the Senegalese government and appreciated their support throughout a very successful exploration and appraisal campaign. By completing this sale we are progressing our broader exit from deepwater exploration, which will further increase our capital flexibility and reduce the cost of supply of our portfolio.”

The three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, had a net carrying value of approximately $285 million as of Sept. 30, 2016.

ConocoPhillips expects to recognise a gain on the sale in the fourth quarter of 2016, the amount of which is subject to final adjustments.

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves.