Australian oil and gas exploration company Galilee Energy has signed a non-binding memorandum of understanding (MoU) with India’s Essar Exploration and Production (Essar).
Essar owns Essar Oil and Gas Exploration and Production, which holds unconventional hydrocarbon assets in India.
The goal of the MoU is to explore joint venture opportunities in each company’s coal seam gas (CSG) assets in Australia and India.
These include factoring in cooperative business deals with Essar’s Raniganj CSG Field in India and Galilee’s Glenaras gas project in Australia, which both involve farm-in and/or investment.
In addition, Galilee’s knowledge in offering technical and engineering assistance will be leveraged to support Essar’s plans of expanding the Raniganj CSG Field.
Galilee managing director and CEO David Casey said: “This agreement with Essar creates an exciting opportunity to build a strong, strategic and potentially commercial relationship with one of India’s largest and most respected coal seam gas exploration and production companies.
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“Essar’s interest in Galilee’s Glenaras gas project may provide the final solution to transitioning the asset’s considerable contingent resources into production and the tightening Australian east coast gas market.
“I am also confident that Galilee’s highly experienced staff can provide Essar with the technical skills and knowledge required to add value in the planned expansion of their Raniganj field, one of India’s major CSG developments and further establish Essar as a leading explorer and producer of CSG in India.”
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