PetroChina, Shell ink 20-year gas deal

PetroChina signed a 20-year liquefied natural gas (LNG) supply agreement with Royal Dutch Shell over in Perth Tuesday, the Financial Times reported. The multibillion dollar deal, whose details were not disclosed, will secure LNG from the Gorgon project off Western Australia, subject to a final investment decision from partners including Chevron and ExxonMobil. China signed its first long-term LNG deal with Australia five years ago, which it canceled due to the high price on the world gas market. Pressure to reduce greenhouse gas emissions and the country's rising energy demands have pressured China into securing long-term gas supplies. China is expected to announce further energy deals in Australia this week.