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Petrochina Shell Joined &Nbsp Again; $540 Million Bid For Australia'S Coalbed Methane Company.

2011/8/23 9:09:00 40

In August 22nd, Australian oil and coal-bed methane producer Bow Energy announced that it had received initial acquisition proposals from Arrow Energy.

Buy

The total price is about 520 million 500 thousand Australian dollars (US $540 million), about 1.48 Australian dollars per share.

Arrow Energy is a joint venture between PetroChina and Shell, headquartered in Brisbane, Australia, and Bow Energy is a small coal-bed methane company headquartered in Brisbane.

The stock price of Bow Energy was stimulated by the news of takeover.

Rise

More than 60%, at 1.42 yuan.

But the company suggested in the statement that shareholders should not take any action at this stage.

"Arrow Energy originally held shares in Bow Energy, but only when the sale of Arrow Energy was sold last year, the assets were not packaged together."

An industry analyst told reporters.

In August last year, PetroChina's PetroChina International Investment Limited and Shell's Shell Energy Holdings Limited, Australia, jointly completed the acquisition of Arrow Energy, the largest coal-bed methane producer in Australia, with a 3 billion 440 million Australian dollar contribution, compared with 50% of the two companies.

The main assets of Arrow Energy sold to PetroChina and Shell joint venture include its coal-bed methane assets and power business in Queensland, Australia, the coal-bed methane assets in Queensland, Shell, and the proposed liquefied natural gas production project in Australia's Curtis Island, Gladstone.

According to the announcement of Arrow Energy at that time, the company will mainly

Assets

Apart from the sale, some international businesses will be retained, as well as the holding of small Australian companies such as Apollo Gas and Bow Energy. In addition, a new entity named Dart Energy Ltd will be listed on the Australian Stock Exchange.

In fact, in addition to joint acquisitions in overseas markets, the technical cooperation between PetroChina and Shell in the unconventional natural gas sector is also gradually deepening.

In June this year, China Petroleum General Manager Jiang Jiemin and Shell chief operating officer Peter Voser signed a cooperation agreement in Beijing. The two sides will set up 50% joint venture companies to jointly develop unconventional natural gas.

For PetroChina, vigorously developing coal-bed methane is already

established

Strategy, as long as the technical problems are solved, coal bed methane will gradually become an important source of natural gas in the future.

Xu Jianmei, deputy chief economist of CNPC's planning and planning department, revealed that in 2010, 3, the new proven reserves in the company's CBM business exceeded 100 billion cubic meters for the first time, and the capacity of 1 billion 300 million cubic meters has been formed.

During the '12th Five-Year' period, the exploration and development of CBM in China Petroleum [9.77 -0.41% share will be speeded up and the scale of 4 billion cubic meters will be reached by 2015.