PetroChina seeks more deals in Australia
Oil and gas giant hopes to boost presence on top of US$3.7b investments
PetroChina, the mainland's biggest oil and gas producer, is looking to make more deals in Australia, adding to about US$3.7 billion in acquisitions as part of a global drive to feed surging Chinese demand.
"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," said Mao Zefeng, a Beijing-based spokesman for PetroChina.
PetroChina, planning to invest at least US$60 billion this decade in global oil and natural gas assets, agreed to pay BHP Billiton US$1.63 billion in December for a stake in the proposed Browse liquefied natural gas venture in Western Australia.
China's overseas oil and gas acquisitions reached a record last year after the government said it would boost funding for energy investment to secure long-term supply.
"There will be more [mergers and acquisitions] to come as Chinese companies look to secure long-term resources positions to meet future LNG demand," said Neil Beveridge, an analyst at Sanford C. Bernstein. "China remains confident in further long-term expansion in Australia."
Shares in PetroChina have lost 5.2 per cent in the past 12 months, compared with a 9.8 per cent gain in the Hang Seng Index.
