PetroChina Acquires BHP Billiton's Browse Stake for $1.63B

Asia's largest oil and gas producer PetroChina has agreed to pay BHP Billiton $1.63 billion for its holding in Woodside Petroleum's proposed Browse liquefied natural gas project in Western Australia, the latter said in a statement Wednesday.

PetroChina will acquire an 8.33 percent stake in the East Browse joint venture and a 20 percent share in the West Browse project, thus allowing the Chinese giant to gain access to Australia's natural gas resources, BHP disclosed.

PetroChina's acquisition of BHP Billiton's stake in the Browse follows closely on the heels of Beijing's pledge to reduce its reliance on traditional sources of energy moving towards 2015. According to China's 12th Five-Year Plan (2011 to 2015), the country's natural gas consumption is targeted to double from the current 4.4 percent of national energy usage to mitigate the effects of rising energy demand.

Besides PetroChina, fellow Chinese company CNOOC made a similar move to enlarge its footprint in the Australian gas industry. CNOOC earlier in September inked an agreement with Exoma to increase its interest in five oil and gas permits in the prolific Eromanga and Galilee Basins. Like the agreement which PetroChina signed with BHP Billiton Wednesday, CNOOC's enlarged stake in the CNOOC-Exoma JV allows the Chinese company greater access into Australia's gas resources.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Branch Manager for Heavy Equipment Dealership in Mississippi
Expertise: Facilities Management|Mechanic
Location: Mississippi, United States, MS
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Production Operator - Bladder Blade Separators/Manifolds Speci
Expertise: Mechanical Technician|Production Operator|Production Technologist
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours