Australia's Galilee teams up with Oil India for CBM projects
Sydney-listed Galilee Energy has signed a non-binding memorandum of understanding (MoU) with the Indian state-owned Oil India (OIL) to collaborate on coalbed methane (CBM) projects in India and Australia, the company said on December 1.
The companies plan to explore CBM opportunities in India by submitting joint bids in the current special bid round 2022 and/or exploring the possibility of farming into existing, operated assets.
India in October launched the special bid round 2022 under which it is offering 16 CBM blocks located in the states of Madhya Pradesh, Chhattisgarh, Telangana, Maharashtra, Odisha, Jharkhand and West Bengal.
Galilee and OIL are also planning to cooperate in research and studies with a particular focus on enhanced CBM recovery and enhanced conventional oil and gas recovery operations. The companies also plan to use Galilee’s skills in providing technical and engineering services for OIL’s CBM growth aspirations and conventional oil and gas assets.
“This agreement with OIL represents a major strategic opportunity for Galilee to leverage off its extensive exploration and 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,” Galilee CEO David 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,” he added.
Galilee recently signed a non-binding MoU with energy infrastructure company APA with regards to a potential pipeline to connect the Glenaras gas project in Queensland to the Australian east coast gas markets.