GasNet bid for the Epic and Duke assets but couldn’t match the offers made by cashed-up rivals Hastings Funds Management and Duke Energy.
It is now considering whether it should keep trying to expand or to encourage takeover offers, according a report in The Australian Financial Review.
The corporation’s preference was to expand, but if a merger or takeover offer was made the board would consider what was in the best interests of shareholders, GasNet chief executive Christine O’Reilly told the newspaper.
Meanwhile, GasNet is still pursuing growth opportunities. It is a member of one of the consortiums bidding for the Trans Territory pipeline contract.
GasNet has linked with Macquarie Bank and engineering and construction group McConnell Dowell to bid for the $550 million Northern Territory pipeline project. The pipeline will carry gas 940km from the Blacktip field in the Territory’s north-west to the Alcan aluminium refinery in Gove, north-east Arnhem Land.
The consortium was shortlisted alongside two other consortia. One is made up of Spie Capag Australia/AJ Lucas Group joint venture, Australian Pipeline Trust and ANZ Infrastructure Services (ANZIS).
The other comprises Multiplex Group, Babcock and Brown Ltd, Italian oilfield equipment maker Saipem and Perth-based energy group Alinta Ltd. Saipem is controlled by Eni, Woodside’s partner in the development of the Blacktip gas field.
