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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

Oversupplied Market Eyes Floating Storage Opportunities

Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected

Norway will be Lithuania's 2016 Top Gas Supplier

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0560 sec (18 req/sec)