ConocoPhillips and PetroChina have announced the signing of a agreement that will see the two companies increase their stakes in three major oil and gas projects.

The deal will see PetroChina acquire a 20 per cent stake in the Poseidon offshore project, and a 29 per cent in the onshore Goldwyer Shale project in the Canning Basin.

The agreement will also see the two companies enter into a Joint Study Agreement to study the unconventional gas resource potential of Neijiang-Dazu Block in China’s Sichuan Basin.

“ConocoPhillips is pleased that PetroChina has recognized the significant resource potential and value of the Australian opportunities. Likewise, ConocoPhillips recognizes the Sichuan Basin as having some of the most prospective marine shales in China and looks forward to working with one of the world’s leading energy companies,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning, ConocoPhillips.