By Harry R. Weber in Exploration From Fuel Fix

Houston-based exploration and production firm ConocoPhillips said Friday it completed the sale of a Caribbean midstream asset for $600 million.

The company said the deal was with the National Gas Company of Trinidad and Tobago and involved ConocoPhillips’ wholly owned subsidiary, Trinidad and Tobago Holdings.

Trinidad and Tobago Holdings LLC holds a 39 percent stake in Phoenix Park Gas Processors, which operates a gas processing and natural gas liquids fractionation facility at Point Lisas, Trinidad.

ConocoPhillips said it expects to recognize an after-tax gain of roughly $290 million from the sale.

The company said that, including the Caribbean deal, it has announced expected proceeds of roughly $14.1 billion from the sale of nonstrategic assets as part of a divestment program it started in 2012.

As of June 30, the company had received $3.8 billion in proceeds from completed sales. The rest of the money is expected by the end of this year.

For more on this story go to:

http://fuelfix.com/blog/2013/08/16/conocophillips-completes-600m-caribbean-asset-sale/

Related story:

Salaries soaring for oil workers overseas

By Simone Sebastian From Fuel Fix

Highest international oil and gas salaries (by Hays recruiting firm)

Australia — $171,000 (foreign workers), $163,600 (local workers)

Phillipines — $170,000 (foreign workers), $35,600 (local workers)

Trinidad and Tobago — $168,800 (foreign workers), $66,200 (local workers)

China — $161,400 (foreign workers), $68,300 (local workers)

Russia — $151,100 (foreign workers), $57,900 (local workers)

Denmark — $148,500 (foreign workers), $109,700 (local workers)

Indonesia — $146,000 (foreign workers), $45,200 (local workers)

Papau New Guinea — $145,600 (foreign workers), (salaries not available for local workers)

Thailand — $142,400 (foreign workers), $49,400 (local workers)

South Korea — $141,800 (foreign workers), $81,400 (local workers)

Nigeria — $140,800 (foreign workers), $55,100 (local workers)

Azerbaijan — $133,500 (foreign workers), $47,500 (local workers)

Vietnam — $132,700 (foreign workers), $53,300 (local workers)

Mexico — $132,300 (foreign workers), $50,000 (local workers)

As salaries for oil workers in the United States are climbing rapidly, companies with overseas operations are ponying up bigger bucks to attract top talent. A report from recruiting firm Hays found several countries are offering workers more than the average $121,400 they make in the United States.

Further, imported workers often stand to make much more than locals, since they command danger and hardship allowances on top of their base salaries, according to Hays. For instance, Russia’s arctic exploration and China’s emerging shale efforts are demanding skills and experience that draw premium pay.

For oil workers looking to explore new environments, here are the 15 countries where foreign oil and gas workers are making the largest salaries, according to Hays.

For more on this story go to:

http://fuelfix.com/blog/2013/04/05/607474/