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Australian competition watchdog approves Shell/BG deal

Australian competition watchdog approves Shell/BG deal

Report summary

The Australian Competition and Consumer Commission (ACCC) has unconditionally approved Shell's takeover of BG. This paves the way for Shell taking operatorship of the 8.5 mmtpa QCLNG project, complementing its existing 50% interest in CSG proponent Arrow Energy. Combining resources could drive down development costs and improve profits at the LNG project. The decision also removes one more regulatory hurdle from the Shell/BG deal going ahead, with only Australian Foreign Investment Board (FIRB) and Chinese Ministry of Commerce (MORCOM) approval now required. Shell still expects the deal to complete in early-2016.

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