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Wednesday, February 20, 2013

ConocoPhillips to sell stakes in Australian gas assets to PetroChina, (NYSE: COP)

ConocoPhillips said it will sell some of its stake in two Western Australia exploration assets to Asia's largest oil producer PetroChina Company Ltd.PetroChina will acquire 20 percent of Poseidon gas field in the Browse Basin offshore Western Australia and 29 percent of onshore shale formation Goldwyer in the Canning Basin in the same region.According to Conoco's website, the company owns 60 percent of some exploration permits in the Browse Basin. Karoon Gas Australia Ltd holds the remaining interests.The deal comes two months after PetroChina agreed to purchase BHP Billiton's stake in the Woodside Petroleum-led Browse LNG project, estimated to cost $30 billion to build.

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP fell by 1.37% or $-0.8/share to $57.80. In the past year, the shares have traded as low as $50.62 and as high as $78.29. On average, 6840890 shares of COP exchange hands on a given day and today's volume is recorded at 3843846.