PetroChina invests 1.63 billion U.S. dollars in shares of Western Australia liquefied natural gas project

BHP Billiton will sell PetroChina’s equity (approximately 10%) in the Browse Basin LNG project for US$1.63 billion. At present, the transaction is still subject to the approval of the relevant regulatory authorities. If approved, it will become the largest purchase of China Petroleum this year.

It is reported that the project is located in the Browse Basin on the northwestern coast of Western Australia, with recoverable natural gas reserves of approximately 15.5 trillion cubic meters, which will begin to be produced in 2018 as soon as possible. In addition to BHP Billiton, there are 4 companies holding shares, which are Woodside Petroleum Corporation (31.3%), the Netherlands Shell Oil Company (27%), BP (17.1%), Japan's Australian Petroleum Corporation (14.7%).