Shell one step closer to acquiring Cove Energy

Shell may well be on its way to exploring and producing oil and gas in East Africa.

This comes after the multinationa got the go ahead from Mozambique to acquire Cove Energy which is involved in the East African region.

British oil explorer Cove said on Thursday that it received written confirmation from Mozambique’s government consenting to Shell’s $1.8 billion offer for the company, echoing an announcement by Shell on Wednesday.

Consent from Mozambique puts Shell in the position to secure Cove by removing a key condition of the deal and putting any new bidder for the explorer on the backfoot as it would likely have to also gain the country’s approval.

Yeah Shell i suppose