Shell, PetroChina Land Arrow Energy
By Gordon Wilcox
March 22, 2010 1:09 AM
March 22, 2010 1:09 AM
Royal Dutch Shell (NYSE: RDS-A), Europe's second-largest oil company, and PetroChina (NYSE: PTR) announced they acquired Australian coal-seam gas producer Arrow Energy by raising their offer for $3.1 billion.
Shell and PetroChina originially offered $3.03 billion when they disclosed their overture for Arrow two weeks ago.
Arrow deal gives Shell reserves to feed its Curtis Island liquefied natural gas project, one of more than a dozen planned LNG ventures in Australia aimed at tapping rising Asian demand, Bloomberg News reported.
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