World class gas finds offshore Mozambique have attracted growing international upstream investor interest, as Shell competes with Asian bidders to enter the gas-rich Rovuma basin. Thailand’s state-controlled PTT Exploration and Production is competing with Shell to buy London-listed independent Cove Energy’s 8.5pc stake in offshore block area 1. PTT on 24 February announced a ￡1.1bn ($1.76bn) cash bid for Cove, trumping an earlier bid by Shell of ￡992mn (WPA, 24 February, p8). Indian state-run Gail on 29 February confirmed that it and its domestic partner ONGC may make a cash offer for Cove.
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