* PetroChina to acquire 20 pct of Poseidon gas field in the
* Companies to jointly study shale formation in China's
* PetroChina to also buy 29 pct of onshore Goldwyer shale in
the Canning Basin
Feb 20 ConocoPhillips said it will sell
some of its stake in two Western Australia exploration assets to
Asia's largest oil producer PetroChina Company Ltd.
PetroChina will acquire 20 percent of Poseidon gas field in
the Browse Basin offshore Western Australia and 29 percent of
onshore shale formation Goldwyer in the Canning Basin in the
According to Conoco's website, the company owns 60 percent
of some exploration permits in the Browse Basin. Karoon Gas
Australia Ltd holds the remaining interests.
The deal comes two months after PetroChina agreed to buy BHP
Billiton's stake in the Woodside Petroleum-led
Browse LNG project, estimated to cost $30 billion to build.
State-owned Petrochina has set aside $16 billion for
overseas investment in 2013.
China's state-owned energy giants have been bidding
aggressively for foreign oil and gas fields as Beijing looks to
secure energy supplies to meet rising demand.
The country aims to double the share of gas in its overall
energy mix to more than 8 percent by 2015.
Under Wednesday's deal, ConocoPhillips and PetroChina will
also study the potential for unconventional resource development
in the 500,000 acre Neijiang-Dazu Shale formation in the Sichuan
Basin in southwestern China.
Financial details of the deal were not disclosed.
Shares of Houston-based Conoco were down 1 percent at $57.97
on the New York Stock Exchange on Wednesday.