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ConocoPhillips operations in Algeria

ConocoPhillips has announced the transaction with Pertamina for the sale of its Algeria business unit has been completed for a total sales price of $1.75 billion.

“We are pleased to complete this transaction with Pertamina,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria.”

ConocoPhillips’ divestiture proceeds from 2012 through third-quarter 2013, plus this sale and the recently completed Kashagan sale total around $12.4 billion.

These proceeds will be available for general corporate purposes, including investments in the company’s organic growth programs.