ConocoPhillips has been increasing its interest in APLNG over the last few years and was ready to acquire another 2.5% last year from EIG. So you can't really say from its recent transactions it is not attractive or wants to get out of Australia.
I agree though that it doesn't seem to be very logical for Conoco to buy Santos. Conoco already sold its NT interests to Santos so unlikely to want to buy that back. Its APLNG interest is also significant so probably doesn't make sense for Conoco to also want to own part of GLNG
STO Well positioned, page-519
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