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2010/3/10　日本経済新聞

中国石油大手・英蘭シェル、豪資源会社に買収提案　総額2700億円

　中国石油大手の中国石油天然気（ペトロチャイナ）は英蘭系ロイヤル・ダッチ・シェルと共同で、オーストラリアの炭層ガス生産会社アロー・エナジーに買収提案を出した。提案額は約33億豪ドル（約2700億円）で、株主に１株当たり4.45豪ドルの現金と、買収時に新設するアローの国際部門会社の株式を付与する。

　ただ、アローは提案を支持しておらず、経営陣は株主向けに声明を出し「何の行動も起こさないことを推奨する」と強調。株主が応じなければ中国石油とシェルが買収条件を引き上げる可能性もあり、アロー側との駆け引きが注目される。

　アローは豪東部などで、石炭ができる過程で生まれる「炭層ガス」の権益を保有する資源会社。炭層ガスは石炭層の近くに存在する場合が多く、従来の採掘手法とは違う特殊な方法で採取する。液化天然ガス（ＬＮＧ）にすれば、需要の伸びが見込めるアジア輸出を狙える。

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ブルームバーグ

炭層メタンガスは、シェールガスやタイトサンドガスとともに、従来の技術では開発が難しいとされていた非在来型天然ガス。サイム氏によれば、非在来型天然ガスは、原油価格が１バレル当たり３０～５０ドル（約２７００～４５００円）で推移しても収支が合い、深海で石油や天然ガスを採掘したり、タールサンドを開発したりするよりも、高い収益を確保できるという。

　米エクソンモービルは昨年１２月、シェールガスとタイトサンドガスの開発を行っている米ＸＴＯエナジーを３００億ドルで買収することで合意。仏トタルや英ＢＰも、米国でのシェールガス開発に出資している。

　シェルは既に、アローがクイーンズランド州に持つ炭層メタンガス権益の３０％などを保有。英紙サンデー・テレグラフは昨年８月、同社が昨年３０億豪ドル規模の買収案をアローに提示したが、交渉は結論が出ないまま終了したと報じていた。

　米資産運用会社サンフォード・Ｃ・バーンスタインの香港在勤アナリスト、ニール・ベバリッジ氏によれば、株主からの承認獲得に向けて、買収額は最大３９億豪ドルに増える可能性があるという。

March 8, 2010 NYT

Shell Joins PetroChina in an Offer in Australia

Arrow Energy of Australia said Monday that it had received a takeover offer worth about $3 billion from a company owned by Royal Dutch Shell and PetroChina, the government-run gas and oil giant.

Arrow, which produces natural gas from coal beds 炭層ガス, called the offer of 3.3 billion Australian dollars ($3 billion) “nonbinding” and “conditional,” and recommended that its shareholders wait before taking action.

Arrow shares were at 3.48 Australian dollars ($3.17) on Friday, but started trading above the bid Monday in Sydney. They rose 1.63 Australian dollars, or 46.8 percent, to 5.11 Australian dollars ($4.64), suggesting that investors expect the final offer to be higher.

Shell confirmed Monday that it was in talks to buy Arrow, with the exception of its international business, in which Shell already holds a small stake.

Through a jointly owned company, Shell and PetroChina are offering 4.45 Australian dollars ($4.04) for each Arrow share, as well as one share in a new company that would be made up of Arrow’s international operations.

In a filing last August with the Australian Securities Exchange, Arrow said it was in “discussions with parties with respect to the potential monetization options” and cited a “potential change of control.” Arrow said Citigroup and UBS were acting as its financial advisers for the talks.

This would be PetroChina’s first stake in the coal bed methane sector in Australia, an industry that has attracted huge investments in recent years from firms like ConocoPhillips, BG Group of Britain and Shell itself, which already owns part of Arrow’s coal bed grounds.

China has had trouble with previous deals in Australia, which may explain the collaboration with Shell. In the last few months, talks collapsed between PetroChina and Woodside Petroleum over a deal for the Chinese company to buy up to $40 billion in liquefied natural gas, and last summer, Rio Tinto abandoned a deal worth almost $20 billion with Chinalco, which was seeking access to its copper and iron ore.

The Rio Tinto deal showed the cautious approach of Australians, who worry about ceding too much control of their natural resources to Chinese state-run companies.

In Australia, the Foreign Investment Review Board examines all major acquisitions by foreign companies and advises the government on whether they conform to its investment policy.

コールベッドメタン（CBM：Coal Bed Methane）は石炭層メタン（CSM：Coal Seam Methane）、石炭層ガス（CSG：Coal Seam Gas）、炭鉱ガス（CMG：Coal Mine Gas）等いろいろな呼び方がされている。
石炭の炭化に伴って生成されたガスで、石炭内に自由及び吸着状態で包蔵

Our Business - CSG.

The most common use of coal seam gas is for electricity generation. Gas-fired power stations create less than half the greenhouse gas emissions of equivalent-sized coal fired power stations.

Coal seam gas is a form of natural gas trapped in coal beds by water and ground pressure. Coal seam gas refers to the methane gas lining the open fractures between the coal (called the cleats) and the inside of pores within the coal (called the matrix).

Coal seam gas accounted for 132.9 petajoules (PJ) of gas supply in Queensland in the year ended 30 June 2008, or around 70% percent of total demand.

Arrow Energy uses an advanced technological process to extract coal seam gas from the coal seams.

Arrow Energy is Australia's largest holder of coal seam gas acreage with interests in more than 65,000 km2. The company currently has certified gross gas reserves of 808 PJ (1P), 6,150 PJ (2P) and 11.042 (3P). More than 90 percent of Arrow's acreage is still to be certified meaning exceptional upside potential exists from exisitng projects as well as new areas. Our target is to add 1,000 PJ of gross 2P reserves every year going forward.

　

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WSJ Blog 　March 9, 2010

Shell, PetroChina Arrow In On Closer Ties

Beijing loves to paint cooperation with overseas companies as a “win-win” arrangement. The problem, foreign executives say, is that it frequently means two wins for China.

So has the $2.96 billion offer made by Royal Dutch Shell PLC and PetroChina Co. for Australian coal seam gas producer Arrow Energy Ltd. provided a template for future takeover bids? It’s possible, though much will depend on whether the deal finally goes through.

Coal seam gas -trapped stores of methane hundreds of meters below the Earth’s surface - is one of the world’s hottest energy plays. Shell has long been viewed by the market as the likely suitor for Arrow, having bought 30% of its Australian coal seam gas acreage in 2008, so the surprise was that it felt the need to bring China’s largest listed oil company on board.

In practice, Shell has good reasons. The Anglo-Dutch oil major is laying off staff to cut costs and is likely to freeze its dividend, so funding an aggressive takeover campaign on its own wouldn’t have gone down well internally or with shareholders.

Involving PetroChina in a successful bid would also give Shell a customer for its standalone liquefied natural gas terminal at Gladstone port in Queensland state or Arrow’s proposed Fisherman’s Landing project, assuming both go ahead.

China’s natural gas needs are increasing as Beijing tries to limit the share of coal and crude oil in the country’s energy mix. PetroChina is building LNG receiving terminals along its coastline, with plans to expand them if it can secure supply.

Shell may have wanted PetroChina as a partner to reduce the risk of a rival bid emerging. PetroChina’s involvement means other Chinese oil companies won’t bid as Beijing rarely lets domestic giants compete and drive up asset prices.

Shell’s ties with PetroChina may also open doors to projects in China. This is important as multinationals in China are becoming concerned about a tougher operating environment in the country in the wake of problems encountered by mining company Rio Tinto PLC and Internet-search giant Google Inc.

Shell signed a strategic pact with China National Petroleum Corp., PetroChina’s parent company, in 2007 but doesn’t have a lot to show for it up to now.

Shell has earmarked China as a key market for the future, and wants to build a refinery there with PetroChina, but knows it needs to give something in return.

However, Shell’s decision to link up with PetroChina isn’t without risk. Australia’s government and the Foreign Investment Review Board that advises it have both been cautious about approving bids for Australian resources firms by state-controlled companies, including those from China.

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2010-03-09　China Daily

PetroChina, Shell set sights on Arrow

Oil giants PetroChina Co and Royal Dutch Shell have made a joint A$3.3 billion ($3 billion) bid to acquire Arrow Energy Ltd, an Australian coal-seam gas developer.

Analysts said the move would boost PetroChina's gas portfolio and also help speed up its initiatives for new energy.

Arrow Energy on Monday said in a statement that it has received a formal proposal from a company jointly owned by Royal Dutch Shell and PetroChina. Under the proposal submitted, Arrow shareholders would get $4.45 cash per share plus a stake in a new entity comprised of Arrow's international business.

Jiang Jiemin, president of PetroChina's parent CNPC, said the company would also look for opportunities in Iran.

Arrow claims to have the largest reserves of natural gas in Australia's northeastern state of Queensland.

"It is a good deal for the Australian company," said Han Xiaoping, chief information officer of domestic energy portal China5e.com. "Through the deal Arrow Energy can get an entry into the Chinese market, which is full of opportunities."

Coal-seam gas, which is commonly known as coal-bed methane, has similar components like natural gas. China plans to increase its annual coal-bed methane output to 10 billion cubic meters in 2010.

PetroChina is one of the main developers of coal-bed methane domestically. However, large-scale development of the gas is still hampered by issues like technological constraints, said Han.

"Through the acquisition of the Australian company, PetroChina can get access to advanced technologies, which would help in further energy development," said Han.

PetroChina could also utilize the technology for gas development in other countries, he said.

China has seen rapid growth in natural gas consumption in recent years. But, with domestic consumption unable to keep pace with output, the country has to import more gas from overseas.

Coal-bed methane is an effective measure for the country to reduce its reliance on imports, said Han.

Analysts said the partnership with Shell will reduce the risks involved in overseas acquisitions for the Chinese oil company.

The offer to acquire Arrow Energy is the latest step by PetroChina in its overseas expansion plans. The company's overseas development will focus on the Middle East, Africa, and South America this year, said Jiang Jiemin, president of PetroChina's parent China National Petroleum Corp (CNPC).

"Iraq will still be our focus for overseas development," Jiang told China Daily on Monday on the sidelines of the ongoing annual National People's Congress session.

The company is also looking for opportunities in Iran, said Jiang.

China's crude oil imports are likely to go up by 9.1 percent this year to 212 million tons, according to a report from CNPC.

The nation's oil dependency reached alarming levels last year with imports accounting for 52 percent of the total consumption, Customs figures showed. Imports of more than 50 percent are globally considered to indicate an energy security alert.

Analysts said China should further diversify its oil import sources for sustainable supplies. At present the Middle East, Africa and the Asia-Pacific are the three main regions that supply crude oil to the country.