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PetroChina buys into WA assets
The West Australian

China's biggest oil producer PetroChina has taken a stake in two WA exploration assets.

PetroChina will acquire a 20 per cent interest in the Poseidon offshore discovery in the Browse Basin and a 29 per cent stake in the Goldwyer Shale in the onshore Canning Basin from US energy giant ConocoPhillips.

The two companies will also establish a joint study agreement for unconventional resource development in the Sichuan Basin in China.

The financial terms of the deal were not disclosed and the agreements still require government and partner approvals.

ConocoPhillips said it was pleased that PetroChina had recognised the significant resource potential and value of the Australian assets.

ConocoPhillips executive vice president of commercial, business development and corporate planning, Don Wallette, said the signing of the agreements marked a significant step toward increased global collaboration between the two companies.