Indian group to join bidding for Cove

A consortium of Indian public-sector energy companies said they may join a bidding war for Africa-focused gas explorer Cove Energy, becoming the second Asian state-run group seeking to trump Shell\'s $1.6 billion (Dh5.87 billion) offer. A last-minute offer from Oil and Natural Gas Corp and GAIL India would pit them against Thai oil and gas group PTT and Royal Dutch Shell Plc in a race for the London-listed company\'s promising gas reserves in Mozambique. \"Given the potential of the asset, it would be a good acquisition,\" said Manish Sonthalia, fund manager at Motilal Oswal AMC, who doubted funding would be a problem. \"Shell is also bidding, so you have that much comfort on the asset and its potential.\" Shell had hoped to make a pre-emptive move for Cove\'s prize among hot East Africa gas prospects by offering 195 pence (Dh11.35) per share for the company earlier this month, a 70 per cent premium to the share price when Cove put itself up for sale on January 5. But Thailand\'s PTT beat that last Friday with a 220 pence bid, or $1.77 billion, and while analysts had doubts about the Indian firms\' prospects, their interest highlights a quickening scramble for natural resources for fast-growing Asian economies. From gulfnews