Damon Evans, SINGAPORE: PetroChina 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...