Herbert Smith Freehills advised PetroChina on its acquisition of an interest in two Western Australian exploration assets from ConocoPhillips.
Under the transaction 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 area in the onshore Canning Basin.
The companies have also entered into a Joint Study Agreement to identify unconventional resource reserves in the Neijiang-Dazu Block in China’s Sichuan Basin.
The Herbert Smith Freehills team was led by Hong Kong based partner Hilary Lau and Perth consultant Bruno Camarri AM, assisted by senior associate Michael Boyce and associate Jane Ballard.
“We are delighted to have advised PetroChina on this transaction, which continues PetroChina’s strategic investment in both conventional and unconventional gas resources in Australia and marks a significant step in the global collaboration between PetroChina and ConocoPhillips,” said Lau.
The transaction is expected to complete in the first half of 2013.
Herbert Smith Freehills has recently advised on a number of key deals in the energy sector, including:
- advising China National Offshore Oil Corporation (CNOOC) on its entry into a Heads of Agreement with BG Group for the acquisition of major interests in the Queensland Curtis LNG (QCLNG) project in Australia for $1.93 billion and the sale of liquefied natural gas (LNG) from BG Group’s global LNG portfolio
- advising Hydro Tasmania on AU$394 million wind farm project
- advising on the US$34 billion Ichthys LNG project in the Browse Basin offshore Western Australia
- advising Huaneng Power on its RMB1.5 billion bond issue
- advising Sinopec Corp on its US$3.1 billion share placement
- advising Energy Capital Partners on its US$1.1 billion acquisition of Energysolutions
- advising Sinopec on of a 49% stake in Canadian company Talisman Energy Inc’s UK North Sea business for US$1.5 billion
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