ConocoPhillips struck a deal to sell its Algerian business unit to Indonesian state oil firm Pertamina for around $1.75 billion.The U.S. oil and natural gas company said Tuesday that the unit it is selling, ConocoPhillips Algeria Ltd, holds interests in three major onshore oil fields with average net production of 11,000 barrels of oil equivalent per day. ConocoPhillips said the net carrying value of the Algerian assets was about $850 million at the end of October.The proposed sale is subject to pre-emption rights by ConocoPhillips' partners in the fields and to Algerian government approval.ConocoPhillips has been shedding overseas assets to cut debt and increase its investment in lower-cost domestic shale oil and gas. It has already beaten its target of asset sales worth $20 billion by the end of 2012, including the sale of its stake in Lukoil, Russia's second-biggest oil producer.
ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP remained unchanged at $58.28. In the past year, the shares have traded as low as $50.62 and as high as $78.29. On average, 5955910 shares of COP exchange hands on a given day and today's volume is recorded at 965.
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