ConocoPhillips Signs Three Agreements with PetroChina; Shares Down 1% in Afternoon Trade

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ConocoPhillips ( COP ) has entered into a set of agreements with PetroChina Company Ltd. (PetroChina) whereby PetroChina will acquire an interest in two Western Australia exploration assets and establish a joint study agreement (JSA) for unconventional resource development in Sichuan Basin in China.

Under these agreements, which still require government and partner approvals, PetroChina will acquire a working interest in the Poseidon offshore discovery in the Browse Basin, and in the Goldwyer Shale in the onshore Canning Basin. In addition, COP will enter into a JSA to identify unconventional resource reserves in the Neijiang-Dazu Block in China's Sichuan Basin.

COP is down 1.35% to $57.81 in a 52-week range of $50.62 - $78.29. PTR is up 0.8% at $137.10 in a 52-week range of $116.35 - $152.99.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: COP

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