Conoco to Work With JPMorgan for APLNG Stake Sale

ConocoPhillips and Origin Energy are working with JPMorgan Chase to help sell a stake in their $20 billion natural gas project in Australia. Bloomberg has reported that the energy companies are seeking to sell 15 percent of the liquefied natural gas venture.

The news agency also said that the sale process may draw interest from Asian buyers. Citing a source, Bloomberg said the stake may be worth as much as $3 billion.

ConocoPhillips and Origin last month approved the second phase of the Australia Pacific LNG project in Queensland state which is scheduled to start exports to Asia in mid-2015.

Origin plans to cut its stake to 30 percent from 37.5 percent while ConocoPhillips also holds 37.5 percent and is selling down to 30 percent, Bloomberg said.