Conoco's (NYSE:COP) Partner Karoon Gas Selling South American Assets

ConocoPhillips' (NYSE:COP) partner Karoon Gas Australia Ltd. will reportedly sell 1.03 million shares of its South American assets to raise up to $773 million for the purpose of funding exploration.

The stake equals 31.9 percent of their assets, a little higher than the company was looking to divest of when they revealed the possibility of a sale last month.

Karoon has said they wanted to retain 70 percent to 75 percent of the asset.

Shares of Karoon Petroleo & Gas SA will be priced sometime in November, and will raise a minimum of $621 million.

According to a filing with the Australian stock exchange, the money will be used to fund five exploration projects in Peru and seven in Brazil.

This is also a change in direction from the early part of summer, when Karoon has talked of listing on the Brazilian stock exchange to raise capital.

ConocoPhillips is a partner with Karoon in a gas project off the coast of northwestern Australia.

ConocoPhillips (NYSE:COP) Approved for Jasmine Development

ConocoPhillips (NYSE:COP) has been given approval by the UK to begin development on the Jasmine gas/condensate discovery in the North Sea. Production is scheduled to begin in the fourth quarter of 2012.

Paul Warwick, ConocoPhillips president, UK and Africa, said: “Developing Jasmine to tie in effectively to J-Block’s existing infrastructure demonstrates that companies on the UK continental shelf still have opportunities to maximize production of their reserves and can continue to add value directly or indirectly to the UK supply chain. The development is another step towards our strategy of prolonged and efficient production from the North Sea.”

The discovery, which is one of the largest in the waters over the last several years, will at its peak production produce 88,000 barrels oil equivalent on a daily basis.