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Shell $776m deal may attract overseas investment

ABC News

Shell $776m deal may attract overseas investment

A $776 million investment in Queensland’s coal seam gas reserves by Royal Dutch Shell is tipped to attract more international investment in the sector.

Shell has taken a one-third stake in reserves held by local resource company Arrow Energy.

Chief executive Sean Scott has told the ABC’s Inside Business program that years of work developing the industry is paying off.

“With our deal with Shell, we spent a fair bit of time working with them,” he said.

“They’ve done a reasonable amount of due diligence looking at the resource potential and what we’ve got prior to making that investment decision.

“The other thing that it’s done is it’s really awakened investors globally to the potential of coal seam gas companies in Australia.”

http://www.abc.net.au/news/stories/2008/06/08/2268453.htm?section=justin

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