ConocoPhillips to sell stakes in Australian gas assets to PetroChina

ConocoPhillips said it will sell some of its stake in two Western Australia exploration assets to Asia’s largest oil producer PetroChina Company.

PetroChina will acquire 20 per cent of Poseidon gas field in the Browse Basin offshore Western Australia and 29 per cent of onshore shale formation Goldwyer in the Canning Basin in the same region.

According to Conoco’s website, the company owns 60 per cent of some exploration permits in the Browse Basin. Karoon Gas Australia Ltd holds the remaining interests.

via Business feed http://www.scmp.com/business/companies/article/1155275/conocophillips-sell-stakes-australian-gas-assets-petrochina