Lakes Oil, CSOLPE Sign MOU to Explore Joint Gas Development in Gippsland
by Lakes Oil N.L.
|Monday, November 04, 2013
Australia's unconventional oil and gas company Lakes Oil NL (LKO) and China Shengli Oilfield Longxi Petroleum Engineering Company Ltd (CSOLPE) of China, a subsidiary of Sinopec, announced Monday that they have agreed to take the first steps to investigate a possible joint development of LKO’s permits in Gippsland, Victoria in Australia to supply gas for the production of urea and other chemical products in the region.
LKO AND CSOLPE have signed a Memorandum of Understanding (MOU) following a visit to Beijing by LKO’s Chairman, Rob Annells.
Under the MOU representatives of CSOLPE will travel to Melbourne later in the month to visit LKO’s Gippsland permits and to begin due diligence, including discussions with state and local governments.
If LKO’s venture proves to be satisfactory CSOLPE would then look to enter a binding agreement for joint permit development and chemical production.
Robert Annells today welcomed this opportunity and its implications for potential employment in Gippsland.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you