ConocoPhillips announced Tuesday it has agreed to sell its business in Algeria to Indonesian state-owned energy company Pertamina for $1.75 billion.
Conocoâ€™s Algeria business holds stakes in three major oilfields, which produced an average 11,000 barrels of oil equivalent per day for the year through October. The U.S. energy company overall produced about 1.57 million barrels of oil equivalent per day in the nine months through September.
The deal is expected to close by mid-2013. Conoco has sold more than $20 billion in refineries, pipelines, and other assets since 2010 to remake itself as an independent oil and natural-gas producer.