Santos now owns all of ConocoPhillips’ oil and gas assets in northern Australia and Timor-Leste.

Santos has completed its purchase of ConocoPhillips’ assets after the two firms agreed to a $US1.265 billion upfront payment.

Santos now has operatorship and control of a portfolio of low-cost, long-life natural gas assets and strategic liquified natural gas (LNG) infrastructure.

The company’s interest in Bayu-Undan and Darwin LNG has increased to 68.4 per cent, and is expected to provide a significant boost to its 2020 production.