PetroChina has received Chinese and Australian federal government approval to acquire from ConocoPhillips a 29% stake, valued at around A$32 million ($29 million), in a shale gas joint venture in Western Australia's Southern Canning Basin, project partner New Standard said Thursday.

"The deal between PetroChina and ConocoPhillips has been closed by a cash payment, and PetroChina's full participation only awaits approval and registration by Western Australia's Department of Mines and Petroleum," New Standard said.

"The value of the cash transaction implies a current value in excess of A$110 million [$101 million] for the Canning Basin assets, valuing New Standard's retained 25% interest at approximately A$28 million," it said.

New Standard Managing Director Phil Thick said the junior company now had "two truly world class partners" in the Southern Canning Basin, previously known as the Goldwyer project. ConocoPhillips retains 46% of the joint venture, which will continue to be operated by New Standard.

"The addition of PetroChina provides further international validation of the Southern Canning Basin's potential," Thick added. "The combined partnership gives New Standard access to funding, technical expertise, development experience and potential offtake capacity and creates a formidable global partnership to help progress the joint venture."

PetroChina's interest in the relatively unexplored Canning Basin follows recent investments in other Australian LNG projects. When ConocoPhillips and the Chinese state-owned oil and gas giant announced the Canning Basin deal in February, PetroChina also farmed into a 20% stake in the Poseidon gas discovery in the offshore Browse Basin.

Elsewhere in Western Australia, PetroChina holds around 10% of the Woodside Petroleum-operated Browse LNG project. The company also owns 50% of Arrow Energy, which is looking to develop coalseam gas reserves in the eastern state of Queensland for LNG production.