ConocoPhillips has emerged as the buyer for European rival Shell’s massive oil and gas holdings in America’s Permian Basin. The US oil major will now be exposed to huge financial risk for overvalued developments that cannot continue to operate to the end of their lifecycle if the US is to fall in line with the Paris Agreement, as intended. The deal will see ConocoPhillips transfer $9.5 billion in cash to Shell, which currently produces 175,000 barrels of oil per day in the Permian Basin – located mostly in Texas – accounting for around 6% of its overall oil and gas output. For Shell, the move has been dubbed as a ‘shift towards clean energy,’ following immense pressure from shareholders and…