Senex Energy Ltd., Asia’s worst gas exploration stock in the past year, is rebounding after Chevron Corp.’s investment in an Australian shale competitor stoked optimism that it may be the next target.
Surging prices for shale gas and oil properties in the U.S. are turning owners of deposits as far away as Australia into potential takeover targets.
Santos Ltd. , Australia’s third- largest oil and gas producer, reported an 11 percent decline in second-quarter output as floods in central Australia disrupted operations in the Cooper Basin.
BG Group Plc, the U.K. natural-gas producer exploring for shale gas in the U.S., plans to extend its search to Australia as global demand grows for the cleaner- burning fuel.
Chevron Corp., the second-largest U.S. energy company, agreed to pay as much as $349 million to join Beach Energy Ltd. in an Australian natural gas exploration campaign in its first shale investment in the country.
Senex Energy Ltd., exploring for shale gas in central Australia, said it has held initial talks with international energy producers interested in a potential partnership to help develop its prospects.