ConocoPhillips, PetroChina sign deals in Australia, China
BY DEBBIE CAI
HOUSTON -- ConocoPhillips said PetroChina will acquire an interest in two Western Australia exploration assets and the companies will jointly identify unconventional resource reserves in China. As part of three deals that are pending government and partner approvals, PetroChina will acquire a 20% working interest in the Poseidon offshore discovery in the Browse Basin and 29% in the Goldwyer Shale in the onshore Canning Basin in Australia.
The companies will also jointly study the potential for unconventional resource development in the roughly 500,000 acre Neijiang-Dazu Shale Block in the Sichuan Basin in China. If technically and commercially viable, they will advance development under a production sharing contract, which would be agreed upon during the study period.
ConocoPhillips recognizes the Sichuan Basin as having some of the most prospective marine shales in China and looks forward to working with one of the world's leading energy companies, said Don Wallette, ConocoPhillip's EVP, commercial, business development and corporate planning.
In December, PetroChina said it agreed to buy BHP Billiton stake in the planned Browse gas export project in Western Australia for $1.63 bn in cash.
Dow Jones Newswires