China National Petroleum Corporation (CNPC) will gain some parts of U.S. ConocoPhillips' equities in western 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.