Hague and London Oil (Halo) has signed a memorandum of understanding (MoU) with Engie Global Energy Management to co-operate on an acquisition of natural gas production and reserves within Europe.
The latest move is part of the Halo’s portfolio restructuring.
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Under the MoU, Halo’s upstream and commercial capabilities will be contributed to target, acquire and manage specific low-risk natural gas production assets in Europe.
Engie will contribute its footprint in European gas markets and its experience in energy management in a bid to offer a new structured gas off-take.
Halo chairman Andrew Cochran said: “This is a unique agreement that will provide asset sellers with an integrated buyer’s package both reducing risk and improving access to finance for natural gas assets in Europe.”
Engie’s approach will help Halo secure the funding of such assets and reduce the dilution to its shareholders.
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By GlobalDataEngie global energy management CCO Mircea Caratas said: “This MoU is significant for us as it marks an innovative development in our product offering.
“For the first time, we are able to marry our group’s E&P knowledge with the ability to manage commodity price risk in order to access hydrocarbons, at the same time helping Halo to raise money for acquisitions in the mature European gas basins.”
