logo
  Join        Login             Stock Quote

ConocoPhillips (COP), PetroChina (PTR) Sign Agreements On Australia Projects

 February 20, 2013 02:29 PM
 


(By Balachander) ConocoPhillips (NYSE: COP) has signed agreements with PetroChina Company Ltd. (NYSE: PTR) under which the Chinese company will acquire an interest in two Western Australia exploration assets.

Under the agreements, 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. PetroChina will be a new joint venture participant in ConocoPhillips' Australian offshore and onshore exploration projects.

[Related -Exxon Mobil Corporation (XOM) Dividend Stock Analysis]

PetroChina will also establish a Joint Study Agreement (JSA) to identify unconventional resource reserves in Sichuan Basin in China. The companies will study the potential for unconventional resource development in the 500,000 acre Neijiang-Dazu Shale Block in the Sichuan Basin.

"If technically and commercially viable, the companies will advance development under a production sharing contract, which would be agreed upon during the study period," Houston, Texas-based ConocoPhillips said.

"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," ConocoPhillips added.

As of Dec. 31, 2012, ConocoPhillips' production from continuing operations averaged 1,527 MBOED and proved reserves were 8.6 billion BOE.

[Related -The Importance Of Pricing And Valuation In Dividend Investing]

COP shares fell 1.04 percent to trade at $57.99 on Wednesday, while ADRs of PTR gained 0.76 percent to trade at $137.03.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

article imageGoogle Inc. (GOOGL) Q2 Earnings Preview: A Few Pennies Either Way Make a Big Difference.

Google Inc. (NASDAQ:GOOGL) will hold its quarterly conference call to discuss second quarter 2014 financial read on...

article image19 Companies That Could Beat Earnings and Pop on Price Next Week

Using iStock’s proprietary iEstimates model, we have identified 19 publicly traded companies that could read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

How To Invest Like A Berkshire Insider
More Articles on: Oils/Energy , China



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.