GAIL (India) Ltd., New Delhi, and EDF Trading, London, have signed a memorandum of understanding covering joint exploration and development in North America and trading and optimization of US natural gas and LNG.
India’s minister of petroleum and natural gas, present at the signing, acknowledged shale gas as the motivation for the agreement.
“The advent of shale gas in the US bodes very well for the global hydrocarbon landscape,” said the minister, Veerappa Moily. “This partnership is expected to look for business opportunities in this exciting space in order to enhance the oil and gas sourcing prospects for India.”
GAIL first acted on its interest in North American shale plays in 2011, when a subsidiary, GAIL Global (USA) Inc., acquired a 20% interest in the Eagle Ford acreage held by Carrizo Oil & Gas Inc., Houston (OGJ Online, Oct. 10, 2011).