TMK Energy, PetroChina sign MoU in Mongolia
Australia’s TMK Energy has signed a binding memorandum of understanding with PetroChina Daqing Tamsag, a unit of Chinese state-run PetroChina, to work together on the development of the Gurvantes XXXV CBM project in Mongolia, it said on August 11.
The companies have agreed to work on a non-exclusive basis to “enhance and accelerate” the exploration, evaluation and development of the Gurvantes project.
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TMK holds a 100% interest in the Gurvantes project. Fellow Australian energy company Talon Energy is earning a 33% working interest in the project under an existing A$4.65mn two-stage farm-out agreement executed in February 2021.
The MoU also envisages a process by which PetroChina Daqing may proceed towards an investment in the project, either through a direct investment in TMK or direct investment into the project, TMK said.
PetroChina Daqing has been operating in Mongolia since 2005. It owns and operates the Toson-Uul XIX and the Tamsag XXI petroleum blocks in the Dornod province.