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- Galilee Energy (GLL) signs a memorandum of understanding (MoU) with Oil India to explore collaboration possibilities in potential coal seam gas assets
- Oil India is a central public sector enterprise of the Indian government
- The MoU will serve as a stepping stone towards a potential formal partnership between the two companies
- Galilee says the early-stage business deal gives it the opportunity to gain a foothold in one of the world’s fastest-growing economies
- Shares in Galilee are up 1.85 per cent to 27.5 cents at 12:35 pm AEDT
Galilee Energy (GLL) has signed a memorandum of understanding (MoU) with Oil India, a central public sector enterprise of the Indian government.
The purpose of the MoU is to explore collaboration possibilities in potential coal seam gas (CSG) assets and in advanced technology implementation for oil and gas projects in Australia, India, and other countries of “common interest”.
Further, the MoU serves as a stepping stone towards a potential formal partnership between the two companies.
Galilee Managing Director and CEO David Casey said the MoU was a “major strategic opportunity” for the company to leverage off its extensive exploration.
“The agreement also leverages off the company’s operational coal seam gas experience to gain a foothold in one of the world’s fastest-growing economies with one of India’s oldest and respected energy companies,” Mr Casey said.
“Importantly, it provides the logical next step for Galilee as its Glenaras project transitions to the next stage of development, and the company looks to engage with potential partners more broadly, both domestic and international.”
The company listed four focus areas of possible collaboration points, the first being CSG investment opportunities in India through submitting joint bids and exploring the possibility of farming-operated CSG assets into existence.
The other areas include forging cooperation in research and studies, leveraging Galilee’s technical and engineering skills and experience for Oil India’s aspirations and assets, and pursuing other mutually beneficial business opportunities.
Shares in Galilee were up 1.85 per cent to 27.5 cents at 12:35 pm AEDT.
