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PetroChina backs Australian LNG in deals with ConocoPhillips

The deal will see PetroChina take a 20% stake in the Poseidon gas discovery off Australia

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 better deals elsewhere. China's national oil companies (NOCs) are less keen. So far, China appears to be forgoing US LNG projec

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