PT Medco Energi Internasional Tbk (IDX:MEDC) entered into an agreement to acquire 100% stake in ConocoPhillips (Grissik) Ltd. and 35% stake in Transasia Pipeline Company Pvt. Ltd from Phillips International Investments, Inc. for $1.35 billion on December 8, 2021. The transaction is subject to customary conditions and shareholders' approval at an Extraordinary General Meeting of Shareholders.

The Transaction is expected to complete in the first quarter of 2022. In a related transaction, ConocoPhillips through its Australian subsidiary, has notified Origin Energy that it is exercising its preemption right to purchase up to an additional 10% shareholding interest in Australia Pacific LNG (APLNG) from Origin Energy for up to $1.645 billion. The proceeds from the current transaction will be deployed toward additional shareholding interest in APLNG.