CNPC will acquire shares of ConocoPhillips' two projects

The China National Petroleum Corporation (CNPC) will acquire shares of the U.S. company ConocoPhillips in its projects in the West of the Australia, according to an agreement signed Wednesday.

The CNPC, the largest oil and gas State company will have 20% of the shares of the project by ConocoPhillips in the Browse Basin and 29% of the shares of a project in the basin of Canning in Australia.

In addition, the two parties agreed to conduct joint gas exploration in the basin of Sichuan, China.

Any project of cooperation needs to be approved by Governments and business partners.