PetroChina’s second major equity investment in Australia is being regarded not only as an endorsement of the Woodside -led Browse project, but also a vote of confidence in the future of the Australian LNG sector.

The state-owned oil giant’s $US1.63 billion entry into Browse LNG adds to its 50 per cent stake in the Arrow Energy coal seam gas-based venture with Royal Dutch Shell, which arose after the partners combined for a $3.5 billion cash takeover of the Queensland CSG explorer.