Friday 24 February 2012

Shell makes £1bn East Africa move

Shell makes £1bn East Africa move

Shell Exploration and Production, a subsidiary of Royal Dutch Shell plc, has made an offer for Cove Energy, an oil and gas exploration company which operate in East Africa. The proposed offer for Cove is approximately £992.4 million.

Shell says it sees East Africa as a major prospect in terms of the resources to be found there.

Shell already has interests in Tanzania and the acquisition of Cove would move the company into Kenya and Mozambique, where they believe there is significant potential for new LNG.

Written by

Bruna Pinhoni

Trending Articles