ConocoPhillips, the US oil group, set a new high-water mark for the value of coal bed methane assets in the Australian state of Queensland in early September when it struck a 50/50 venture to jointly develop reserves owned by Origin Energy.
In return for an investment of up to A$9.6bn (US$7.6bn), Conoco saw off rivals also interested in partnering with Origin – Royal Dutch Shell, BP, Chevron and Petronas had all cast their eyes over the Queensland-based group – and scuttled a A$13.8bn hostile takeover bid from BG Group, the UK oil and gas company.
