ConocoPhillips is however retaining its LNG plant located in Queensland, Australia.

On Monday, ConocoPhillips, a U.S. energy company stated, it has agreed to sell the bulk of its Australian assets to Santos Ltd, a rival, for $1.39 billion.

The deal is expected to close in the first quarter of 2020.

In a statement, the U.S. company said, it was selling its stakes in the Darwin LNG plant, which it built, as well as its stake in the Bayu-Undan field which feeds the plant, and its stake in the Barossa-Caldita field which may supply the LNG plant in future; it was also selling its Poseidon gas asset.

However, it will not be selling its stake in the Australia Pacific LNG plant, located in the state of Queensland.

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Tags: Australia Pacific LNG plant, Australian assets, Barossa-Caldita field, Bayu Undan field, close, closure, ConocoPhillips, Darwin LNG plant, deal, energy company, LNG plant, Poseidon gas asset, Queensland, sale, Santos Ltd, sell, stake, U.S