Well it doesn't help out SOE(CNOOC) because SGE still have 100% of the project atm and if CNOOC backs into LXG fully then SGE still have 75% of the project and CNOOC 25%. If CNEML is taken over by CNOOC, then it gets interesting because SEH only control 49% of SGE (although apparently SEH has 50% voting power) and then SEH would have 40% and CNOOC 60%. (NB 5% option is included in these figures)
Either way, SEH maintains their holding and the worst that CNOOC can do is delay the project, withhold payments or amend the supposedly previously agreed to ODP contract. None of these would be good outcomes for CNOOC or China as they need gas. SEH has funds at the moment and can stop the development and production if they wish to.
