PetroChina buys interest in ConocoPhillps Australian permits

Posted on February 22, 2013

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Shale gas and shale oil have changed the energy supply in the USA in a dramatic way. The question is of how great a significance this production method will be outside of the USA. Two nations where there is potential for shale gas/oil production are Australia and China. In its daily reportage, Oil & Gas Journal describes interesting occurrences in the gas- and oil-sectors. It has reported that China now wants access to production permits in Australia at the same time as it is opening up possibilities for US companies to work in China: ”
PetroChina buys interest in ConocoPhillps Australian permits”:

PetroChina has signed an agreement with ConocoPhillips to take working interests in two permits in which ConocoPhillips is a participant in Western Australia: one offshore and one onshore. A parallel agreement is for the two companies to establish a joint study agreement (JSA) for unconventional resource development in China’s Sichuan basin. The first Australian deal involves PetroChina in a 20% farm-in to ConocoPhillips’ interest in the Greater Poseidon gas fields in the Browse basin while the second involves a 29% farm-in to the Goldwyer shale gas exploration project in the onshore Canning basin.

The area that ConocoPhillips controls together with the Melbourne-based company Karoon Gas Australia includes the gas discoveries Poseidon, Kronos and Boreas. They estimate that there is a 50% probability that the area will possess 7 tcf of gas.

The Goldwyer project has not come as far. In collaboration with Perth-based New Standard Energy Ltd, they are assessing the possibilities to produce shale gas in an area covering 37,000 square kilometres. The activities in China concern unconventional resources in the area Neijang-Dazu that is part of the Sichuan Basin. The area is known for its rice growing but also as the centre of China’s gas production. First they want to investigate if it is economically feasible to produce shale gas there.

That PetroChina has signed a contract with ConocoPhillips is certainly one way for them to get access to the latest “fracking” technology. To conclude, I can mention that the agreement must yet be given approval by both governments and their various collaborative partners.

(Swedish)

Skiffergas och skifferolja har förändrat energiförsörjningen I USA på ett dramatiskt sätt. Frågan är hur stor betydelse som utvinningsmetoden kommer att få utanför USA. Två länder där det finns potential för utvinning är Australien och Kina. Oil & Gas Journal har i sin dagliga rapportering om intressanta händelser inom gas- och oljesektorn rapporterat att Kina nu vill få tillgång till produktionsmöjligheter i Australien samtidigt som man öppnar upp möjligheter för ett amerikanskt bolag att arbeta i Kina, ”PetroChina buys interest in ConocoPhillps Australian permits”:

PetroChina has signed an agreement with ConocoPhillips to take working interests in two permits in which ConocoPhillips is a participant in Western Australia: one offshore and one onshore. A parallel agreement is for the two companies to establish a joint study agreement (JSA) for unconventional resource development in China’s Sichuan basin. The first Australian deal involves PetroChina in a 20% farm-in to ConocoPhillips’ interest in the Greater Poseidon gas fields in the Browse basin while the second involves a 29% farm-in to the Goldwyer shale gas exploration project in the onshore Canning basin.

Området som ConocoPhillips kontrollerar tillsammans med Melbournebaserade Karoon Gas Australia innehåller gasfyndigheterna Poseidon, Kronos, and Boreas. Man beräknar att det finns 50% möjlighet att området skall innehålla 7 tcf gas.

Goldwyerprojektet har inte kommit lika långt. I sammarbete med Perth-baserade New Standard Energy Ltd utvärderar man möjligheter att utvinna skiffergas i ett område som täcker 37,000 kvadratkilometer.

Vad det gäller aktiviteter i Kina gäller det okonventionella resurser i området Neijiang-Dazu som är del av Sichuanbasängen. Området är känt för sin risodling men också för att vara centrum för Kinas gasproduktion. Först skall man undersöka om det är ekonomiskt möjligt att utvinna gas.

Att PetroChina har skrivit kontrakt med ConocoPhillips är säkert ett sätt för dem att få tillgång till den senaste tekniken inom fracking. Avslutningsvis kan jag nämna att avtalet måste godkännas av respektive regeringar och olika sammarbetspartners.

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