Greater China

Petrochina acquires ConocoPhillips’ Australian assets

Beijing: China’s state-owned energy conglomerates have been actively acquiring overseas oil and gas assets as the government looks to secure energy supplies to meet rising demand.

Following Cnooc’s Nexen deal in Canada gained approval, ConocoPhillips announced yesterday that it has signed an agreement with PetroChina under which PetroChina will acquire an interest in two Western Australia exploration assets from ConocoPhillips and the two companies will work together to identify unconventional resources in China’s Sichuan Basin.

PetroChina will acquire 20% of the Poseidon gas field in the Browse Basin offshore Western Australia and 29% of onshore shale formation Goldwyer in the Canning Basin in the same region.

Two months ago, PetroChina agreed to purchase BHP Billiton’s stake in the Woodside Petroleum-led Browse LNG project. [21/02/13]

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