ConocoPhillips (NYSE: COP) said Wednesday it completed the sale of its Algeria business unit to Indonesia's state-owned PT Pertamina in a $1.75 billion deal.After customary adjustments, the sale resulted in proceeds of $1.65 billion for the Houston-based oil giant.The deal was announced late last year. At the time, ConocoPhillips reported the unit to be sold held interests in three major onshore fields.
ConocoPhillips Algeria Ltd.’s 2012 net product was about 1,000 barrels of oil equivalent per day, with net assets of about $850 million.“We are pleased to complete this transaction with Pertamina,” Don Wallette, ConocoPhillips’ executive vice president for commercial, business development and corporate planning, said in a statement. “We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria."The company said its divestitures in 2012 and through the third quarter of 2013 have totaled about $12.4 billion.
ConocoPhillips is the Houston area's second-largest public company with $62 billion in 2012 revenue, according to Houston Business Journal research.
