China and Australia agree landmark gas deal

China's largest energy firm PetroChina is set to buy AUS$50 billion (£25.1 billion) of gas from Australia.

It is the biggest trade deal in Australia's history and cements a joint venture between Chevron, ExxonMobil and Shell - named the Gorgon project, after the region of gas fields off the coast of Australia - to supply PetroChina with liquefied natural gas (LNG) for the next 20 years.

Martin Ferguson, Australia's minister for resources and energy, said in a statement: "This unprecedented export deal confirms Australia's importance as a global energy superpower supplying vital clean energy resources and technologies to China and our other Asia-Pacific trading partners."

The Gorgon project has secured contracts to supply AUS$300 billion (£150.8 billion) worth of LNG to countries in the Asia-Pacific region over the next two decades and will also generate around AUS$40 billion (£20.1 billion) in revenue.

Earlier this month, ExxonMobil signed a multi-billion Australian dollar agreement with Indian firm Petronet to supply around 1.5 million tonnes of Gorgon LNG a year.