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Old 02-17-2011, 02:17 AM
Sparty Sparty is offline
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Default Queensland to dump shale gas restrictions?

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)


 

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