Bloomberg NewsConocoPhillips Interested in More Shale...

Bloomberg News
ConocoPhillips Interested in More Shale Investments in Australia
By James Paton on May 15, 2012


ConocoPhillips (COP) (COP), the third-largest U.S. oil company, said it’s interested in further shale investments in Australia following a partnership last year with Perth-based New Standard Energy Ltd. (NSE)

“We’re chasing a bunch of stuff,” Todd Creeger, president of Conoco’s Australian unit, said today in an interview in Adelaide. “There are some large acreage holders interested in talking to us about what we could do together. New Standard was a good entry. I think we’ll see more of that.”

The Canning Basin in Western Australia, where New Standard Energy and ConocoPhillips are exploring, is at the top of the Houston-based company’s list, Creeger said. The Cooper Basin in central Australia also has potential, he said.

Acquiring shale oil and gas acreage in Australia will grow more expensive over time, he said, declining to be specific about assets in which Conoco may be interested. Conoco is more focused on shale oil than gas, he said.

“The key is to get in early,” he said. “When you look at the history of the U.S. and how that shale has developed, the first movers have been the ones that from a business standpoint have been successful.”