ConocoPhillips plans to raise its stake in Australia Pacific LNG (APLNG) to 49.9% and become the upstream operator of the company, the U.S. oil and gas producer said on Monday.

The announcement follows the $10.2 billion takeover of Origin Energy by a consortium led by Canada's Brookfield Asset Management.

ConocoPhillips currently holds a 47.5% stake in APLNG, one of the largest suppliers of natural gas to Australia's East Coast. 

The transaction is expected to close in early 2024.