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    TMK Energy, PetroChina sign MoU in Mongolia

Summary

The companies have agreed to work on a non-exclusive basis to “enhance and accelerate” the development of TMK's Gurvantes CBM project.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, CBM, News By Country, Australia, China, Mongolia

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.

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.