PetroChina Takes Stake in Australian Offshore Exploration

PetroChina Company signs agreements with ConocoPhillips (COP) to take interests in W. Australian exploration assets & a JSA in China.

Under these agreements, PetroChina (PCCYF) will acquire 20% interest in the Poseidon offshore discovery in the Browse Basin, and 29% interest in the Goldwyer Shale onshore Canning Basin. In addition, PetroChina and ConocoPhillips will enter into a Joint Study Agreement (JSA) to study unconventional gas resource in the Neijiang-Dazu Block in China’s Sichuan Basin. The agreements still require government and partner approvals.

The signing of these agreements marks a significant step toward increased global collaboration between PetroChina and ConocoPhillips. For PetroChina, this is also an important movement to continue improving the offshore LNG and onshore unconventional oil and gas developments in West Australia.

PetroChina is the largest oil/gas producer and distributer in China. and one of the largest in the world.