PetroChina venturing Outback


PetroChina will pay $1.63 billion for BHP’s 8.3 percent stake in the East Browse and its 20 percent holding in the West Browse joint venture. If approved, it will be the latest in a series of investments by Chinese oil and gas firms this year, the biggest of those being CNOOC’s takeover of Canada’s Nexen for $15.1 billion.

Chinese firms have been keen to acquire oil and gas assets in an attempt to meet the growing energy demand in China prompted by its economic growth. According to data compiled by Bloomberg, Chinese firms have announced acquisitions worth $25 billion in the oil and gas sector this year alone.