Lead partner says that the “complex and multi-faceted” deal involved several moving parts
Allens was the legal adviser of Santos in its billion-dollar deal to acquire the assets of ConocoPhillips in northern Australia.
The firm advised on the $2.2bn deal, as well as a contingent payment worth up to $110m related to final investment decision on the Barossa project, one of the assets ConocoPhillips is selling its stake in.
Allens said that after completion, Santos will gain operatorship and control of the Darwin LNG facility and its associated mid-stream assets, the Bayu-Undan project, and the Barossa project. The firm said that Santos has extensive knowledge of the projects, having been a founding partner of the Darwin LNG project with ConocoPhillips.
“The transaction has been complex and multi-faceted, involving numerous moving parts. We have had to draw upon the full breadth of our expertise and geographical reach, and to coordinate various teams of our experts,” partner Andrew Pascoe said.
Pascoe led the Allens team with partners Tracey Greenaway and Igor Bogdanich.
“'Santos is in an exciting place in terms of the implementation of its growth strategy. It is a great privilege for us to be involved in a transformational project such as this,” Greenaway said.
Clayton Utz and Greenwoods & Herbert Smith Freehills also acted on the deal. Clayton Utz advised ConocoPhillips, while Greenwoods advised Santos with co-adviser EY on taxation matters.
Andrew Pascoe, Tracey Greenaway, and Igor Bogdanich
