• Most Popular
  • Most Shared

Australia's Arrow Energy links up with Shell

Sun Jun 1, 2008 8:16pm EDT

Stocks

   

SYDNEY, June 2 (Reuters) - Australian coal seam gas producer Arrow Energy Ltd (AOE.AX) said on Monday an arm of Royal Dutch Shell (RDSa.L) will pay as much as A$776 million ($739 million) for an interest in its coal seam gas projects.

As part of the deal, Shell will pay A$644 million for 30 percent of the interest held by Arrow in all of its Australian upstream tenements, Arrow said. Interest in Australia's vast coal seam gas assets has spiked recently due to surging exploration costs in extracting conventional gas offshore, as well as growing difficulties for energy majors to secure access to conventional oil and gas projects globally. ($1=A$1.05) (Reporting by Miranda Maxwell)



More from Reuters

Photo

Employers see uptick in hiring in 2010

NEW YORK (Reuters) - U.S. employers expect to hire more new workers in 2010 than they did in 2009, a sign the U.S. recession may be easing its grip, research showed on Tuesday.

» More Top News
An employee swipes a customer's credit card through the card reader at a restaurant in Tokyo February 19, 2005.REUTERS/Issei Kato

Taking a swipe at credit cards

New legislation meant to protect consumers could be a "game changer" for the industry -- and not in a good way.  Full Article 

Economy
A young Kamchatka brown bear plays in its enclosure at the 'Tierpark Hagenbeck' zoo in Hamburg September 20, 2007. REUTERS/Christian Charisius

The return of the Russian bear

Jason Bush

As Russia's memories of crippling economic times fade, are reforms disappearing along with them?  Commentary 

Breakingviews