ConocoPhillips to pay $9.6b for stake in Origin gas scheme

SYDNEY, Sept 8 (AFP) Oil giant ConocoPhillips will pay up to 9.6 billion dollars (eight billion US) for a half share in a natural gas project owned by Origin Energy in Australia, the companies said today. brOrigin told Australia's stock exchange that US giant ConocoPhillips would take a 50 per cent stake in the scheme, which will convert coal seam gas (CSG) to liquefied natural gas (LNG) for export to Asia. brThis outcome represents an outstanding result for Origin shareholders, with ConocoPhillips paying up to 9.6 billion dollars for a 50 per cent share in a CSG to LNG joint venture, Origin's Chairman Kevin McCann said in a statement. brThe joint venture in northeastern Queensland state, under which Conoco Phillips would make an up front payment of six billion dollars, could thwart a hostile bid for Origin by Britain's BG Group. brOrigin has urged shareholders to reject the 13.8-billion- dollar offer, which was pitched at 15.50 dollars per Origin share.