ConocoPhillips is exercising its option to buy an additional 9% stake in exploration permits WA-314-P and WA-315-P in Australia's Browse Basin. Under the deal, the US major will pay 80% of the next US$125 million in joint venture spending on the permits, Australian partner Karoon Gas said Wednesday. Karoon is trying to build up gas reserves in the area to feed a potential expansion of its proposed Darwin LNG project. Following the deal, the US outfit will own 60% of WA-314-P, WA-315-P and WA-398- P, with Karoon on 40%.
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