ConocoPhillips Announces Three Agreements with PetroChina
ConocoPhillips (NYSE: COP) today announced that it has entered into a
set of agreements with PetroChina Company Ltd. (PetroChina) 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.?
Under the terms of the agreement with ConocoPhillips, PetroChina will
acquire working interest in the two Australian projects; specifically 20
percent of Poseidon in the Browse Basin and 29 percent of Goldwyer in
the Canning Basin.
Under the JSA, ConocoPhillips and PetroChina will study the potential
for unconventional resource development in the approximately 500,000
acre Neijiang-Dazu Shale Block in the Sichuan Basin. The joint study
will be an important step in evaluating the potential for unconventional
resource exploration in the area. If technically and commercially
viable, the companies will advance development under a production
sharing contract, which would be agreed upon during the study period.
Todd Creeger, President, ConocoPhillips Australia-West said the
agreement with PetroChina was significant for the company′s growth plans
in both China and Australia. 'We welcome PetroChina as a new joint
venture participant in our Australian offshore and onshore exploration
projects. ?We look forward to jointly delivering two successful assets,?
Creeger said.
Jim Taylor, President, ConocoPhillips China stated, 'This is a great
opportunity for ConocoPhillips to cooperate with PetroChina in order to
study the potential for unconventional resource development here in
China. ?We believe that the cooperation between the two companies will
form an important driver in promoting clean energy supply to China and
contributing to the country′s transition into a clean energy economy.?
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and
activities in 30 countries, $58 billion in annual revenue, $117 billion
of total assets and approximately 16,900 employees as of Dec. 31, 2012.
Production from continuing operations averaged 1,527 MBOED in 2012 and
proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more
information, go to www.conocophillips.com.
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ConocoPhillips
John McLemore (media)
281-293-1247
john.l.mclemore@conocophillips.com
or
Aftab
Ahmed (media)
281-293-4138
aftab.ahmed@conocophillips.com
or
Vladimir
R. dela Cruz (investors)
212-207-1996
v.r.delacruz@conocophillips.com
