PetroChina buys ConocoPhillips's assets in Australia

PetroChina Company Limited announced that it has entered into a set of agreements with ConocoPhillips,  whereby PetroChina will acquire an interest in two Western Australia exploration assets and establish a Joint Study Agreement (JSA) for shale gas development in Sichuan Basin in China, the company reports.

Under these agreements, PetroChina 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 to study unconventional gas resource in the Neijiang-Dazu Block in China’s Sichuan Basin. The agreements still require government and partner approvals.