India partnership: ONGC and Arrow Energy
Arrow confirms ONGC agreement
Australia’s Arrow Energy confirmed it had signed a memorandum of understanding with India’s Oil & Natural Gas Corporation to explore coalbed methane assets in both India and Australia.
Arrow said in a statement today the agreement covered potential co-operation on existing ONGC CBM assets as well as possible co-operation on Australian acreage.
The pair would now purse talks to conclude a commercial agreement, it said.
The agreement comes as India prepares to unveil new oil and gas and CBM exploration rounds.
India's potential CBM resources are estimated to be between 2.6 trillion to 3.3 trillion cubic metres of gas. New Delhi has already launched three CBM exploration rounds to tap the resource.