International suitors for North America’s onshore natural gas reserves continue to knock at the door, with India’s Reliance Industries Ltd. last week doubling its stakes in U.S. shales, Abu Dhabi National Energy Co. increasing its stake in Western Canadian gas properties and China National Petroleum Corp. (CNPC) tentatively agreeing to partner with Encana Corp. in British Columbia.
Suitors
Articles from Suitors
TXU Pursuing IGCC in TX for PRB Coal, Lignite
TXU Corp. and its private equity suitors said last Friday they have begun planning two integrated gasification combined cycle (IGCC) commercial demonstration generating plants in Texas. The move marks a change in thinking at TXU, which has said that IGCC technology was not mature enough to reliably burn the Powder River Basin (PRB) coals or lignite available to Texas generators.
NGI The Weekly Gas Market Report
Aussie’s Babcock & Brown Buys NorthWestern After Multiple Offers
From among more than a half-dozen suitors, Sydney, Australia-based Babcock & Brown Infrastructure (BBI) emerged last month as the new owner of South Dakota-based utility holding company NorthWestern Corp. in a $2.2 billion deal completed April 25 that will leave the American management and strategies in place. NorthWestern’s CEO told the financial community he expected the deal to close quickly early next year.
Anadarko Offers No Comment on Possible Suitors; Shell Cited in Report
Anadarko Petroleum Corp. officials offered no comment to rumors that the huge independent may be for sale, but a report Friday in a London publication suggested that Royal Dutch/Shell Group may be considering a $10 billion bid for the company. Shell has played bridesmaid in attempts for the past few years to capture other gas-rich North American independents, but none were as large or as formidable as the world-class producer.
Devoid of Suitors, Duke Shutters Engage Trading Business
After failing to locate a purchaser for Canadian-based energy trader Engage Energy, Duke Energy confirmed last week that it has decided to close down the division and consolidate some of its operations. The Canadian natural gas and power marketing operation was a division of Westcoast Energy, which Duke purchased in March (see NGI, March 11).
List of Barrett Suitors Growing
Barrett Resources Corp.’s move to provide “strategic alternatives” to its shareholders, and thus, increase the value if it is taken over, appears to have paid off. Last week, the Denver-based independent apparently received at least two more bids to compete with Royal Dutch/Shell Group’s offer of $60 a share. Barrett had set a deadline of last Wednesday for other companies to make an offer.
Barrett’s Suitors May Grow, Say Analysts
Analysts who cover Barrett Resources Corp. said yesterday thatonce the data rooms are opened, the Denver-based independent mayhave more than one cash-rich suitor interested in picking up thecompany’s assets, which are heavily concentrated in the naturalgas-rich Rocky Mountains. Barrett formally rejected a bid by RoyalDutch Shell Group, which yesterday launched a hostile takeover (seeDaily GPI, March 12).