• 3 minutes Why NG falling n crude up?
  • 7 minutes Tesla Battery Day (announcements on technology)
  • 10 minutes America Could Go Fully Electric Right Now
  • 21 hours Taxes. Personal and Corporate. Trump vs Biden "Blarney" Family. Plans vs Records.
  • 45 mins Ilhan Omar connected Ballot Harvester in cash-for-ballots scheme
  • 1 hour California’s Electric Vehicle Dream Has A Major Problem: No
  • 42 mins The China Daily newspaper just did a flash poll of 1600 Chinese Communist Party members. 98% said Biden won the debate.
  • 1 day Kalifornistan, CO2, clueless politicians, climate hustle
  • 3 hours Something wicked this way comes
  • 3 hours What is Best for Germany Now?
  • 24 hours Debate Night: Trump needs to be concerned about left leaning Chris Wallace , not Biden
  • 1 day BLM organizer plows her car thru Trump supporters. She was arrested and charged with attempted murder
Gold Stocks Are Bracing For A Seasonal Plunge

Gold Stocks Are Bracing For A Seasonal Plunge

Gold miners have been hammered…

Oil Prices Rise After EIA Reports Small Crude Draw

Oil Prices Rise After EIA Reports Small Crude Draw

Oil prices stabilized today after…

PetroChina to Invest $3.7 Billion in Australian LNG Projects

Australia has seven LNG developments under construction worth a total $190 billion, which, when completed by the end of the decade, will make Australia the largest supplier of LNG in the world.

PetroChina, the largest oil and natural gas producer in the country, is looking to secure hydrocarbon reserves for the future when Chinese demand is set to grow vastly, and investing in Australian LNG projects offers a great way to achieve this.

PetroChina is looking to make around $3.7 billion worth of acquisitions in Australia this year, just a part of the planned $60 billion they intend to invest throughout the decade. Last year overseas oil and gas acquisitions reached an all-time high after the Chinese government pledged to boost funding in order to secure long-term supplies.

Related article: LNG Technology: The Holy Grail of Gas Investments

Mao Zefeng, a spokesman for PetroChina, said that “as one of the key markets in our Asia and Pacific operations, PetroChina is willing to expand our presence in Australia when a good opportunity arises.”

Last month PetroChina agreed to buy 20% of the Poseidon natural gas discovery off the north western coast of Australia, and a 29% stake in the Goldwyer Shale Project.

Many of the acquisitions that PetroChina has made are still undeveloped, but that is of no concern to them. As Adrian Wood, a Sydney-based analyst at Macquarie Group Ltd., explained, “this is all about a longer-term game. When we run our numbers, China looks pretty-well supplied with gas until 2020. It’s the resources that are important to them, not the production right now.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News