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Shell’s Arrow Energy Deal Is Enough For Now: CEO

Shell’s Arrow Energy Deal Is Enough For Now: CEO

Published: June 2, 2008

Filed at 3:52 a.m. ET

Reuters

KUALA LUMPUR (Reuters) – Royal Dutch Shell’s <RDSa.L> deal to buy into Arrow Energy Ltd’s <AOE.AX> coal seam gas projects for $739 million is enough of an investment for now, Chief Executive Jeroen van der Veer said on Monday.

As exploration costs soar and access to conventional oil and gas reserves becomes more difficult, big energy companies are stepping up their search for new energy sources — such as coal bed methane — to feed roaring global demand.

Shell plans to acquire a 30 percent interest in Arrow’s coal seam gas holdings in Queensland for A$644 million and pay up to A$132 million for a 10 percent stake in Arrow International, a wholly owned subsidiary of Arrow Energy which holds Arrow’s international interests in coal seam gas opportunities.

(Reporting by Chua Baizhen; Editing by Ramthan Hussain)

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