ConocoPhillips announced it has completed the previously announced transaction to sell its 30 percent interest in the Greater Sunrise Fields to the government of Timor-Leste for $350 million plus customary adjustments.

“We are pleased to complete this transaction with the government of Timor-Leste,” said Matt Fox, executive vice president and chief operating officer. “ConocoPhillips recognizes the importance of the Greater Sunrise Fields to the nation of Timor-Leste, and this sale gives them a significant working interest in this important development.”

The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise Fields, are located in the Timor Sea.

The sale transaction covers ConocoPhillips’ interest in Production Sharing Contracts 03-19 and 03-20 and Retention Leases NT/RL2 and NT/RL4.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $70 billion of total assets, and approximately 10,800 employees as of Dec. 31, 2018. Production excluding Libya averaged 1,242 MBOED in 2018, and preliminary proved reserves were 5.3 billion BOE as of Dec. 31, 2018.