ConocoPhillips is aiming to sell off more of its 37.5% stake in the coalbed methane-backed Australia Pacific LNG project.
In a second-quarter results call, chairman and chief executive Ryan Lance said: “We’re looking for probably some opportunities for some further dilution at APLNG.” He pointed to the high level of upfront investment required at the 9 million tonnes per annum project with returns coming only over a long period of time.
Lance said the company is ramping up the well count ahead of the expected start-up of the first train in mid-2015, adding it will continue to drill after this as the second unit is due online six to nine months later.
