CNPC to share equities of ConocoPhillips' two projects

China National Petroleum Corporation (CNPC) will gain some parts of U.S. ConocoPhillips' equities in west Australia, according to an agreement reached on Wednesday.

CNPC, China's largest state-owned gas and oil producer, will share 20 percent equities of ConocoPhillips' project in Browse Basin of Australia and 29 percent equities of a project in Australia's Canning Basin.

Meanwhile, the two sides agreed to co-research natural gas resources in China's Sichuan Basin.

All the agreed cooperation needs further authorization of the governments and business partners.