Shell Makes Ambitious £1.1Billion Cove Energy Bid
According too the Guardian, Shell is looking to improve its position in the east African gas reserve market with a £1.1bn bid for Cove Energy. Shell will increase spending on oil and gas exploration this year by 35% to $5bn and is seeking to reduce its dependence on oil in favour of gas and east Africa has emerged as a target area for energy majors with similar ambitions.
Michael Blaha, Cove’s executive chairman, said he expected state backing. “I am confident, following our discussions with the government of Mozambique, that timely consent for Shell’s offer will be forthcoming.”
One analyst, however, said the Mozambique government was likely to back Shell as other bidders could still announce “competing offers for Cove”, and the deal is conditional on government approval.
Short URL: http://woodlawnpost.com/?p=46983
Posted by WoodlawnPost
on Apr 25 2012. Filed under Energy, Gasoline, Oil.
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