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ONGC, Shell set to split $6bn gas buy

Jun 1st, 2013
by John Donovan.
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Screen Shot 2013-06-01 at 09.39.31

, TNN | May 31, 2013, 06.16AM IST

MUMBAI: Oil and Natural Gas Corporation (ONGC) and Royal Dutch Shell will equally split the prized 20% stake acquisition in Rovuma basin gas block in Mozambique, after the sellers decided to court individual buyers due to difference in priorities.

The stake on offer is valued between $5-6 billion. Indian conglomerate Videocon Industries, which is selling 10% shares, wants to maximize the value. US based Anadarko Petroleum, the operator of the block, is offloading an equal stake but wants a pedigree global partner with better track record and execution skills.

ONGC is the frontrunner to pick up the Videocon stake while Royal Dutch Shell might end up buying Anadarko shares. The Videocon stake sale to ONGC may be announced next month. Anadarko sale to Shell is likely to take more time. read more

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Shell To Start Drilling In Benin, Gabon For First Time

May 29th, 2013
by John Donovan.
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28 May 2013

VENTURES AFRICA – Oil and gas giant, Royal Dutch Shell (Shell), is set to prepare a newly-repaired oilrig to start drilling for the first time off the coast of Benin and Gabon, Dow Jones Newswires reported late on Monday.

According to the newswire, the company has also targeted South Africa’s northwestern coast to start drilling in 2014.

It is understood this is part of Shell’s plan to reappear in West Africa and other parts of Africa after its initial plan to establish a base in the East African coast was botched. read more

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Shell Still Interested in Mozambique Gas Bonanza

Oct 19th, 2012
by John Donovan.
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Published October 18, 2012

Dow Jones Newswires

Royal Dutch Shell PLC (RDSB.LN) is still interested in entering Mozambique despite losing out on a deal earlier this year that would have given the oil major access to East Africa’s huge gas reserves, Shell’s exploration chief, Andy Brown, said in an interview.

Large natural gas discoveries off the coasts of Mozambique, Tanzania and Kenya have transformed East Africa into one of the world’s most promising energy provinces, potentially challenging Qatar and Australia for key gas export markets in Asia.

The gas finds have already led to jostling between companies eager to get access to the region, where they would join Houston oil company Anadarko Petroleum Corp. (APC) and Italy’s Eni SpA (E, ENI.MI), both of which have already made significant discoveries. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Shell chief is the man with a plan

Jul 27th, 2012
by John Donovan.
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By Geoff Foster: PUBLISHED: 21:54, 27 July 2012

You would like to think that Royal Dutch Shell’s chief executive Peter Voser had a  ‘Plan B’ when he surprised everyone in the City by walking away from a £641m cash bid for Cove, allowing Thailand’s PTT Exploration to win the day.

Of course he did. Speculation is now rife that he is in advanced talks with his counterpart at Anadarko, the US explorer, about the possible acquisition of some or all of its 36.5 per cent stake in the Rovuma-1 offshore gas fields in Mozambique. The major attraction of Cove was its 8.5 per cent stake in the Rovuma block.
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PTT Exploration Extends Offer for Cove Energy Until July 13

Jul 9th, 2012
by John Donovan.
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By Kari Lundgren – Jul 9, 2012 8:02 AM GMT+0100

PTT Exploration and Production Pcl, the Thai company battling Royal Dutch Shell Plc (RDSA) to take over Cove Energy Plc (COV), extended its offer for the East Africa-focused explorer to July 13.

State-controlled PTT has received acceptances from 0.25 percent of Cove shareholders for its agreed 1.22 billion-pound ($1.9 billion) offer. Its bid has also been approved by Kenya’s competition authority, according to a statement today.

Cove owns an 8.5 percent stake in Mozambique’s Rovuma Area 1, where recoverable natural gas amounting to more than six times the U.K.’s existing reserves has been discovered. PTT’s latest offer of 240 pence a share for Cove topped Shell’s 220- pence bid. read more

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Cove Sparks Top Bids for Gas Explorer in Africa: Real M&A

Jul 5th, 2012
by John Donovan.
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By Alex Barinka – Jul 4, 2012 10:00 PM GMT+0100

Traders are more convinced than ever that a bidding war for Cove Energy Plc (COV) will lead to the richest takeover premium on record for an oil and natural-gas explorer.

The owner of a stake in gas fields off Mozambique lured a sweetened offer of 1.2 billion pounds ($1.9 billion) from PTT Exploration & Production Pcl in May that topped prior bids from Royal Dutch Shell Plc. (RDSA) Shares of Cove rose to a record 270 pence yesterday, almost 13 percent above PTTEP’s proposal, indicating traders who profit from acquisitions anticipate the competition will escalate. It now trades higher above the offer price than any other pending acquisition in western Europe of at least $500 million, according to data compiled by Bloomberg. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Oil and gas are the new African queens

Jul 1st, 2012
by John Donovan.
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Oil and gas are the new African queens

When Royal Dutch Shell proposed a 195p-a-share, £992m offer for Mozambique-focused oil and gas explorer Cove Energy in February, many in the City regarded it as a “full” offer.

Workers undertake a flaring test at Waraga 1 well in Kaiso-Tonya, Uganda Photo: Reuters

Emily Gosden By : 5:27PM BST 01 Jul 2012

“The valuation looks stretched,” wrote one analyst. “The proposed offer is unlikely to face a challenge,” said another. More than four months on, Thailand’s PTT now leads a bidding war with a 240p-a-share agreed bid.

The City now expects Shell – which has so far raised its offer to 220p – to come back and at least match PTT, potentially even upping its bid to above 300p. Cove’s prized asset is its 8.5pc stake in the Rovuma 1 block off the Mozambique coast, where giant gas reserves have been discovered. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.