Hi Walk.....pretty much sums it up for me.
I think FAR were ignored whilst the other 3 did the deal...COP/WPL/CNE. I think they assumed-right or wrong- that FAR did not have the technical or financial capability to PE.
Their error IMO is that whilst that may or may not be the case [ CNOOC].......it was never CNE/WPL/COP's decision to make. IMO that would be up to the government to decide. Once they realised that FAR were going to have a crack at it they just....... ignored everyone and did the deal......only problem is I think they ignored the Government as well.....I can think of no other explanation for the arret......if WPL were rock solid in why did the government feel the need to give WPL an arret? DB
Upstream article, page-12
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