Published 22nd February, 2013
AChinese major is set to acquire a 20% stake in Australian offshore and onshore exploration fields.
In yet another bid to secure future energy resources, state-owned oil giant PetroChina has announced it will buy stakes in two Western Australia exploration assets from U.S.-based ConocoPhillips.
PetroChina, a subsidiary of China National Petroleum Company, will acquire a 20% stake in the Poseidon offshore discovery in Australia’s Browse Basin, as well as a 29% interest in the Goldwyer Shale onshore project in Canning Basin.
A statement released by PetroChina claimed the purchases are “a significant step toward increased global collaboration” with ConocoPhillips, and an important development in Western Australia, where it recently purchased BHP Billiton’s stake in Woodside Petroleum Ltd.’s proposed LNG project for $1.63bn.