China’s Sinopec Group has announced that its wholly owned subsidiary Sinopec International Petroleum Exploration and Production Corporation (SIPC) is to sell a 40% interest in an Australian oil and gas block, according to Chinese news reports.

The offshore oil and gas exploration block located in Australian waters will be sold to to CPC Corporation, based in Taiwan.

Located in Bonaparte Basin, 300km north of the Australian city of Darwin, the block covers 4,715km² and is estimated to have a natural gas reserve of 13 trillion cubic feet.

The deal is the second cooperative Australian venture between the two companies.

The value of the deal remains undisclosed, according to official Chinese news agency Xinhua.