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 | Shell agrees to acquire Cove Energy USD1.6b  | |
MENAFN -
- 23/02/2012
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(MENAFN) Royal Dutch Shell Plc agreed to acquire Cove Energy, which operates in East Africa, for USD1.6 billion, as part of its extension strategy towards the region, Reuters reported.
Cove's main asset is an 8.5 percent stake in the Rovuma Offshore Area 1, in Mozambique, where operator Anadarko said recoverable reserves could top 30 trillion cubic feet of natural gas.
The project partners plan to build liquefied natural gas (LNG) facilities for the purpose of exporting to Asian markets.
Japan's Mitsui and Indian groups Bharat Petroleum and Videocon also share in the Rovuma license with 10 percent each.
Any deal to buy Cove, which also has interests in Tanzania and Kenya, is subject to Mozambique government approval.
Japan's reduction in focus on nuclear power after the disaster at the Fukishima plant has contributed to expectations that Asia will continue to drive strong LNG prices for years to come despite strong production growth due to shale discoveries.
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