CNOOC Looks into Australia Offshore Assets

Sunday, November 18, 2007
According to reports, CNOOC has hired Macquarie, the investment bank, to advise on the possible acquisition of Royal Dutch Shell's oil assets in Australia's North West Shelf. Shell has made no secret of its plans to focus its Australian efforts on expanding its liquefied natural gas operations. Two months ago the Anglo-Dutch group signed a 20-year agreement with PetroChina for LNG from the Gorgon project off Western Australia for an undisclosed sum.

Shell is one of six equal partners in Australia's North West Shelf, which also includes BHP Billiton, BP, Chevron, Japan Australia LNG and Woodside Petroleum. Cossack Pioneer is the oil producing part of North West Shelf being looked at by CNOOC. Cossack is operated by Woodside, the Australian oil and gas producer that is also part-owned by Shell. Woodside said on Thursday that Cossack's year to date production to the end of the third quarter averaged just under 79,000 barrels a day. It also flagged potential appraisal drilling for 2008 and an upgrade to the field's subsea infrastructure the following year. Woodside and at least one other equity owner in Cossack have pre-emption rights if a partner wishes to sell. None of the parties would put a valuation on Shell's stake. However, market speculation suggested that it might be worth about $446m. Source: Financial Times

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

Asia–U.S. Container Lines to Introduce Freight Increase

The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at

 
 
Maritime Contracts Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1665 sec (6 req/sec)