PetroChina to Buy Australian Assets From ConocoPhillips

From Bloomberg

By Aibing Guo

PetroChina Co., China’s biggest oil and gas producer, will buy stakes in two Western Australia exploration assets from ConocoPhillips. The two companies will also jointly study shale-gas development in China.

PetroChina will purchase a 20 percent stake in the Poseidon offshore discovery in Australia’s Browse Basin and a 29 percent interest in the Goldwyer Shale onshore project in Canning Basin, the Beijing-based company said in an e-mailed statement. The company didn’t disclose financial terms.

The agreements are “a significant step toward increased global collaboration” with ConocoPhillips, PetroChina said in the statement.

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