US exploration and production giant ConocoPhillips has agreed to buy for US$500 million an additional interest in a large Australian liquefied natural gas export project from an affiliate of US institutional investor EIG.

The proposed deal will see ConocoPhillips purchase an additionl stake of up to 2.49% in the Australia Pacific LNG (APLNG) project in Queensland, subject to customary adjustments.

ConocoPhillips — headed by chief executive Ryan Lance — will also replace Origin Energy as operator of APLNG’s upstream component, while continuing as LNG operator.