ConocoPhillips struck a deal to sell its Algerian business unit to Indonesian state oil firm Pertamina for around $1.75 billion.
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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.