Doubts Over Shell & PetroChina’s Queensland Project, New Cnooc & Nexen Episode: Energy Business Wrap
Analysts and investors alike are increasingly dubious over the intentions of Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) and PetroChina Company Limited (NYSE:PTR) to stick with their plans for a fourth liquefied natural gas plant in Queensland, if they must do it alone. Further, observers wonder if the plan by the firms for a standalone Arrow Energy development at Gladstone even makes sense in the financial aspect, subsequent to cost explosions at competitor projects nearby. In 2010, Shell and PetroChina purchased Arrow Energy in a $3.56 billion transaction; a decision on construction is due late in 2013.
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Premier Alison Redford of Alberta pronounces Cnooc Limited’s (NYSE:CEO) $15.1 billion bid for Nexen (NYSE:NXY) to be “moving along” while the federal government creates new foreign investment guidelines along with its review of the offer from the Chinese oil producer. However, Redford added that “I haven’t heard anything. This is a decision the federal government will make. We understand that it’s moving along and everything is being considered.”
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