Brisbane, Jan 15, 2009 AEST (ABN Newswire) - The Directors of Arrow Energy Ltd (ASX:AOE)(PINK:ARWEF) are pleased to announce that Arrow has signed a Memorandum of Understanding with Indian government owned ONGC Limited to cooperate in Coal Bed Methane (CBM).
The focus of this MOU will be potential cooperation on existing ONGC blocks from previous CBM licence rounds in India together with possible cooperation in certain Australian acreage, to be determined. Following the signing of this general MOU, work will immediately begin to formulate specific commercial agreements on defined CBM assets.
Speaking from the signing ceremony in New Delhi, Arrow CEO and MD Nick Davies said "We are delighted to be working with a company of ONGC's experience and stature. We think that the combinations of ONGC's asset base and Arrow's specific CBM experience will be a powerful force in India's CBM development. This, together with our current, exceptional partnerships in India, will give Arrow a broad collection of CBM opportunities in which to engage."
About ONGC:
- Holds largest share of hydrocarbon acreages in India.
- Contributes over 78 per cent of Indian's oil and gas production.
- Owns and operates more than 15000 kilometres of pipelines in India, including nearly 3800 kilometres of sub-sea pipelines
- Ultimate Reserves are 2.29 Billion Metric tonnes (BMT) of oil equivalent
- Cumulative production of 762.3 Million Metric Tonnes (MMT) of crude and 440.7 Billion Cubic Meters (BCM) of Natural Gas, from 115 fields.
- Ranked as number one Oil & Gas Exploration & Production (E&P) Company in Asia, as per Platts 250 Global Energy Companies List for the year 2007.
Contact
Mr Nicholas Davies
Chief Executive Officer and Managing Director
Phone +65 9655 2959
Mr Shaun Scott
Chief Executive Officer (Australia)
Phone +61 7 3105 3400
Mr Stephen Bizzell
Executive Director
Phone +61 7 3105 3400
Mr Graham Yerbury
Chief Financial Officer
Phone +61 7 3105 3466
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