ConocoPhillips has entered into a set of agreements with PetroChina Company Ltd. whereby PetroChina will acquire an interest in two Western Australia exploration assets and establish a Joint Study Agreement (JSA) for unconventional resource development in Sichuan Basin in China.

Under these agreements, which still require government and partner approvals, PetroChina will acquire a working interest in the Poseidon offshore discovery in the Browse Basin, and in the Goldwyer Shale in the onshore Canning Basin. In addition, ConocoPhillips will enter into a Joint Study Agreement to identify unconventional resource reserves in the Neijiang-Dazu Block in China's Sichuan Basin.

'ConocoPhillips is pleased that PetroChina has recognized the significant resource potential and value of the Australian opportunities. Likewise, ConocoPhillips recognizes the Sichuan Basin as having some of the most prospective marine shales in China and looks forward to working with one of the world's leading energy companies,' said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning, ConocoPhillips. 'The signing of these three agreements marks a significant step toward increased global collaboration between our companies.'

Tags: ConocoPhillips, PetroChina Company Limited