Australian independent law firm Clayton Utz has advised NYSE-listed ConocoPhillips on the $1.39 billion sale of Australian and East Timorese gas and LNG assets to local gas and oil producer Santos.

Local firm Allens, which is aligned with Linklaters, is representing Santos, the company said in a statement. Allens did not respond to a request for comment.

Under the terms of the deal, ConocoPhillips will sell all of its Australian and East Timorese assets, with the exception of its interest in the Australia Pacific LNG (APLNG) project.

Led by corporate partner and energy and resources specialist Emma Covacevich, a cross-specialist Clayton Utz team worked alongside ConocoPhillips's legal, tax and commercial teams for more than six months on all aspects of the strategic sale process, Clayton Utz said. Other core team members were tax partner Peter Feros, workplace relations partner Saul Harben, information technology and intellectual property partner Cameron Gascoyne, and competition partner Linda Evans.

"We enjoyed the challenge of being able to bring our team's expertise across a whole range of areas – in this case, tax, intellectual property, corporate, competition, and oil and gas – to navigate often complex issues and achieve a great outcome for our client," Covacevich said in a statement. "We congratulate both ConocoPhillips and Santos and their teams on reaching an agreement that meets both of their strategic objectives."

The assets comprise a 37.5% interest in the Barossa project and Caldita Field, its 56.% interest in the Darwin LNG facility and Bayu-Undan Field, its 40% interest in the Poseidon Field, and its 50% interest in the Athena Field. ConocoPhillips will retain its 37.5% interest in the APLNG project.

Subject to securing all necessary regulatory approvals, the sale will take retroactive effect from January 1, with completion expected in the first quarter of 2020.