Finance / Australia
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Conoco and Origin Joint Venture Signals The End For BG Bid
September 2008 | Top StoriesSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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US major ConocoPhillips has announced plans to spend up to AUD9.6bn (US$8bn) on a 50% stake on a coal bed methane (CBM) gas venture with Origin Energy, the Australian energy group that had been fighting a AUD13.8bn hostile takeover bid by BG Group. The offer has forced BG to conceded defeat in its bid for Origin. The deal underlines international oil company (IOC) interest in Australia's CBM reserves, despite the fact that the technology required to convert gas from coal seams into gas for export in liquid form remains unproven on a commercial scale.