Energy giants ConocoPhillips have completed the £1billion sell-off of its operations in Algeria.
Indonesian state oil firm Pertamina has bought the US company’s Algerian business unit, including stakes in three oil fields in the country.
The deal will see Pertamina increase its output by around 11,000 barrels of oil equivalent per day, landing 65% of the Menzel Lejmat North field, 16.9% of the EMK find and 3.7% of the Ourhoud field.
It marks the latest phase of Conoco’s sell-off of assets, which has brought in more than £7.5billion for the US giant so far.
“We are pleased to complete this transaction with Pertamina,’ said ConocoPhillips vice president Don Wallette.
“We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria.”
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