re: Ann: PetroChina and ConocoPhillips Browse... PetroChina to...

re: Ann: PetroChina and ConocoPhillips Browse... PetroChina to Invest in Australia - Analyst Blog

Dated 11/3/13

China's state-owned energy conglomerate PetroChina Company Limited ( PTR ) is looking forward to invest an additional $3.7 billion in Australian oil and natural gas assets. In fact, the company is looking to put in about $60 billion in the next 10 years for the same.

China's biggest oil and gas producer has planned this move to provide for the country's growing energy demand. This will also boost PetroChina's growth prospects in Australia by adding to its already significant interests in the country.

In Dec 2012, PetroChina entered into a deal with BHP Billiton Ltd. ( BHP ) to acquire some stake in the Browse liquefied natural gas (LNG) venture in Western Australia. The contract will result in PetroChina getting an estimated 10.23% interest in the overall Browse LNG project for $1.63 billion.

Last month, PetroChina also acquired stakes in 2 exploration assets in Western Australia from ConocoPhillips ( COP ). In the first set of accords, ConocoPhillips will offload a 20% working interest in the Poseidon offshore discovery in the Browse Basin. The second set involves the divestment of a 29% working interest in the Goldwyer Shale, onshore Canning Basin.

http://www.nasdaq.com/article/petrochina-to-invest-in-australia-analyst-blog-cm225941#.UT9lCdZTaSp


...be interesting in what KAR's management announce re their pre-emptive rights for the 20%