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GLPEY vs. ETF Alternatives
Wednesday, Oct 22013, 2:59 PM
Wednesday, Oct 22013, 2:59 PM| Comment!
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Friday, Nov 112011, 3:07 AMChina's hunger to control the resources that fuel its growth shows no signs of abating as China Petrochemical (SNP) agrees to pay $3.54B to buy a 30% stake in the Brazilian unit of Portugal's Galp Energia (GLPEY.PK). Including projected capital spending, Sinopec’s total investment will be about $5.18B. |Friday, Nov 112011, 3:07 AM| 1 Comment