ConocoPhillips Refocus Includes Australia, Unconventionals

ConocoPhillips plans to sell $5-$10 billion of non-core assets over the next two years.

“We are executing the plan set out last year to improve returns and create value through disciplined capital spending, non-core asset sales and growing production per share,” said Chairman and Chief Executive Officer, Jim Mulva.

Almost 90% of ConocoPhillips’ $13.5 billion 2011 capital program has been allocated to its exploration and production segment.

In the US, ConocoPhillips is focusing on onshore, liquid-rich shale plays like the Eagle Ford, the Bakken and North Barnett.

Internationally, Australia will play a key role in the company’s progress.

In a research note, investment dealer Jefferies & Co. Inc., commented:

“Exploration activities should be focused in Australia, where appraisal of the promising Poseidon discovery should be carried out; China, where the initial wells in the onshore shale gas play could be drilled; in Poland we expect further activity on ConocoPhillp’s nascent European shale gas play.”