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PetroChina, ConocoPhillips reach deal on Aussie assets
By Richard Fu |
February 21, 2013, Thursday
|
Online Edition
Online Edition
PETROCHINA Co will buy stakes in two Western Australian exploration assets from ConocoPhillips. The two also agreed to jointly develop shale gas in China.
China's largest oil company will acquire a 20 percent interest in the Poseidon gas field in the Browse Basin offshore Western Australia and 29 percent of the Goldwyer Shale onshore Canning Basin, PetroChina said in a release yesterday.
No financial terms were given.
"For PetroChina, this is also an important move to continue offshore LNG and onshore unconventional oil and gas developments in Western Australia," PetroChina said.
The acquisition has positive implications for Australia's liquefied natural gas industry, particularly the Browse Basin, and Australia's nascent shale industry, analysts at Sanford C. Bernstein wrote in a note.
The deal came just two months after PetroChina agreed to buy a stake in the proposed Woodside Petroleum Ltd-led Browse LNG project from BHP Billiton. The Poseidon project is adjacent to the Browse LNG project.
PetroChina's acquisition increases the probability that Browse LNG will be developed, Bernstein analysts said.
Australia is emerging as a key and long-term partner for China in LNG. "We believe there will be more M&A to come as Chinese companies look to secure long-term resource positions to meet future LNG demand in China," they added.
Meanwhile, PetroChina and ConocoPhillips agreed to jointly study the shale gas resources in the Neijiang-Dazu Block in Sichuan Basin in southwestern China.
China's largest oil company will acquire a 20 percent interest in the Poseidon gas field in the Browse Basin offshore Western Australia and 29 percent of the Goldwyer Shale onshore Canning Basin, PetroChina said in a release yesterday.
No financial terms were given.
"For PetroChina, this is also an important move to continue offshore LNG and onshore unconventional oil and gas developments in Western Australia," PetroChina said.
The acquisition has positive implications for Australia's liquefied natural gas industry, particularly the Browse Basin, and Australia's nascent shale industry, analysts at Sanford C. Bernstein wrote in a note.
The deal came just two months after PetroChina agreed to buy a stake in the proposed Woodside Petroleum Ltd-led Browse LNG project from BHP Billiton. The Poseidon project is adjacent to the Browse LNG project.
PetroChina's acquisition increases the probability that Browse LNG will be developed, Bernstein analysts said.
Australia is emerging as a key and long-term partner for China in LNG. "We believe there will be more M&A to come as Chinese companies look to secure long-term resource positions to meet future LNG demand in China," they added.
Meanwhile, PetroChina and ConocoPhillips agreed to jointly study the shale gas resources in the Neijiang-Dazu Block in Sichuan Basin in southwestern China.
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