PetroChina backs Australian LNG in deals with ConocoPhillips
The deal will see PetroChina take a 20% stake in the Poseidon gas discovery off Australia
Damon Evans, SINGAPOREPetroChina has sealed strategic deals
with ConocoPhillips that will see it take a 20% stake in the
Poseidon gas discovery off Australia and a 29% interest in the
US major's unproven shale acreage in the Canning basin. The
farm-in to Poseidon, which lies in the Browse basin offshore
northwest Australia, demonstrates China's confidence in the
long-term expansion of Australia's liquefied natural gas (LNG)
sector, despite rising costs and emerging US competition.
Japan, the world's largest buyer of LNG, is pushing for LNG
exports from the US to help its firms negotiate...