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CHINESE oil and gas giant PetroChina is poised to acquire Molopo Energy's Queensland coal seam gas assets in a deal that could reignite corporate activity in the sector.

The acquisition will see PetroChina pick up interests in five coal seam gas projects to the west of Gladstone, where three coal seam gas-fed liquefied natural gas projects are under construction.

According to a source, the deal is expected to be announced as early as today. Analysts late last year valued Molopo's Queensland asset base at $42 million-$82m, although both global economic conditions and oil prices have cooled since then.

China's state-owned energy giants have been making oil and gas acquisitions around the world as they look to shore up the reserves needed to underpin its growing energy demand.

Last week, China's CNOOC launched an agreed $US15.1 billion takeover offer for Canadian oil and gas producer Nexen, while fellow Chinese giant Sinopec paid $US1.5bn for a stake in the British assets of Talisman Energy.

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.PetroChina already has a presence in the Queensland coal-seam gas industry through its Arrow Energy joint venture with Royal Dutch Shell. The two companies have together acquired ASX-listed duo Arrow Energy (in 2010, for $3.1bn) and Bow Energy (for $520m last year).

The Molopo deal will be consummated outside the Arrow joint venture, the source said.

Shell and PetroChina have been considering the development of a $20bn LNG plant on Curtis Island off Gladstone, but Shell chief executive Peter Voser last month said his company had delayed a final investment decision on the proposed LNG plant in part due to rising cost pressures in Gladstone. The joint venture partners are now wondering whether to proceed with the project by late next year.

PetroChina's apparent decision to buy the Molopo assets on its own could restore some momentum to the stalled development plans of Australian-listed LNG Limited, which has long harboured plans to develop a small-scale LNG plant at the Fisherman's Landing site in Gladstone harbour. Those plans have been stalled since Shell and PetroChina's acquisition of Arrow, which had been set to process its gas through the Fisherman's Landing LNG plant.

PetroChina's parent company and 86 per cent shareholder, China National Petroleum Corp, also owns 100 per cent of China Huanqiu Contracting & Engineering Corporation (HQCEC).

HQCEC last year bought a 19.9 per cent stake in LNG Limited, giving PetroChina a potential alternative export point in Queensland outside the Arrow joint venture.

The deal could also provide a see-through valuation for fellow Queensland coal-seam gas junior Westside Corporation, which owns acreage immediately next to that currently held by Molopo.

Westside in June announced it was continuing discussions with LNG over a potential acquisition of Westside's assets, with a view to ultimately feeding the gas into Fishermans Landing. Molopo has long been looking to divest its non-core assets.