Is the Queensland Govt. getting ready to dump their
anti-shale oil-gas policy becomes the question following this report or has Reuters got it wrong?
China's CNOOC wins Australia nod to invest in shale gas acreage
Wed Feb 16, 2011 11:19pm GMT
http://af.reuters.com/article/metals...7DG2J920110216
MELBOURNE Feb 17 (Reuters) - State-owned China National Offshore Oil Corp has won approval from Australia's Treasurer to invest in a coal seam gas and shale gas exploration prospect in Queensland, its partner Exoma Energy said on Thursday.
CNOOC Gas & Power Group's farm-in agreement commits it to spend at least A$50 million for a 50 percent stake in Exoma's five exploration permits in the Galilee Basin and gives it options to buy 173.2 million shares in Exoma, amounting to a 35 percent stake based on Exoma's current share base.
The deal now needs approvals from the Chinese and Queensland governments.
CNOOC this week announced a plan to spend $53 billion over five years on oil and gas exploration in China.
It already owns a 5.3 percent stake in Australia's biggest LNG producer, the North West Shelf and has a 25 percent stake in offshore exploration permits in Western Australia.
It won Australian approval last year to buy a controlling stake in the $3 billion Arckaringa coal for power and coal-to-oil project in South Australia, in partnership with Altona Energy . (Reporting by Sonali Paul; Editing by Ed Davies)
