Deals
Shell’s Cove Bid Starts Race for East African Gas Fields: Energy
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Royal Dutch Shell Plc’s $1.6 billion bid for Cove Energy Plc starts a race to develop natural-gas fields off Mozambique’s Indian Ocean coast that may hold more than Norway’s entire reserves.
Winning Cove would give Shell an 8.5 percent stake in a block where Anadarko Petroleum Corp. has found 30 trillion cubic feet of gas. Italy’s Eni SpA has discovered even more in a neighboring area. Together, there’s sufficient fuel for the development of two $20 billion liquefied natural gas plants to supply customers in Asia, according to Deutsche Bank AG.