Petrochina to buy into WA project
Market watch top headlines
PERTH, Feb 21 AAP
February 21 2013, 6:54PM
Oil and gas giant PetroChina wants to buy part of ConocoPhillips' stake in two oil and gas exploration projects in Western Australia.
Once granted approval, PetroChina expects to acquire 20 per cent of the Poseidon offshore gas project in the Browse Basin and a 29 per cent interest in the Goldwyer Shale project in the onshore Canning Basin.
The deal comes two months after BHP Billiton decided to sell its interest in the controversial Browse gas project to PetroChina.
ConocoPhillips Australia president Todd Creeger said the agreement with PetroChina was significant for the company's growth plans in both China and Australia.
A total sale figure was not disclosed.
PetroChina is expected to make a cash payment upon completion for its 29 per cent share in the project, which is valued at $US100m ($A98.08m).
New Standard Energy will retain a 25 per cent interest in the Goldwyer joint venture.