PetroChina Buys Stake in Australian Shale Venture

New Standard Energy has said that PetroChina is set to become a partner in New Standard’s Goldwyer Joint Venture (GJV) alongside ConocoPhillips.

The Chinese firm will buy a 29% interest in the GJV from ConocoPhillips as part of a larger global commercial arrangement with ConocoPhillips involving shale gas in the Sichuan Basin, China and a stake in ConocoPhillips’ Browse Project, offshore Western Australia.

“The inclusion of the Goldwyer Project in such a large international transaction is evidence of the Project’s prominence on the international oil and

Under the terms of the agreement PetroChina will make a cash payment upon completion for its 29% GJV share with the transaction currently valuing the project at approximately $100m and New Standard’s retained 25% interest in the Goldwyer Project at approximately $25m. New Standard will remain the operator.