bow takeover, page-9

More evidence that the QLD majors need more gas and need to make acquisitions.

I wonder where that leaves BG? Marketing for their third train, and yet no one would argue they have enough gas for a third train. They also lack a diversity of supply (which Santos have).

Also, where does that leave ORG? Yes, their reserves position in QLD is strong. But once you subtract the reserves that will be exported, how well are they positioned for the coming gas-fired power industry in NSW? How much gas do they have in NSW? Will ORG have to come cap in hand to Santos to buy gas or get gas swaps at full tote odds for Kerrawary and other new gas-fired power stations?

Interesting times. I think both the ESG and BOW stories are FAR from over.

Yaq

(and yes, I do hold BOW also, (not as many as ESG) even though I don't post on them.)