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PetroChina secures Australian offshore gas assets

10th June 2013

PetroChina acquires 8.33 per cent stake worth USD 1.63bn in gas assets offshore Western Australia

PetroChina secures Australian offshore gas assets
BHP Billiton Chief Executive Petroleum, J Michael Yeager has described the ventures as a “world class gas resource”

PetroChina has completed the acquisition of BHP Billiton's 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located offshore Western Australia for USD 1.63bn.

All required approvals have been secured and relevant documents were signed on Friday in Beijing to finalise the transaction. This sale reflects BHP Billiton’s exit from the Browse Joint Ventures.

The companies signed a definitive agreement for the transaction in December last year.

At the time, BHP Billiton Chief Executive Petroleum, J Michael Yeager described the ventures as a “world class gas resource”.