PERTH (miningweekly.com) – Australian oil and gas major Woodside Petroleum has inked a memorandum of understanding (MoU) with Indian multinational conglomerate Adani to hunt for and develop potential liquefied natural gas (LNG) assets.
Under the terms of the nonbinding MoU, Woodside and Adani agreed to cooperate in identifying, investigating and developing potential business arrangements and commercial initiatives.
Woodside CEO and MD Peter Coleman said that the MoU was a clear demonstration of Woodside’s commitment to the Indian LNG sector and marked a significant milestone in strengthening relations between the two companies.
“India is an important emerging LNG market in which we see enormous supply potential as infrastructure is developed.
“Adani is at the forefront of the LNG industry in India and committed to developing partnerships to support securing reliable long-term supplies of clean energy,” he said.
Woodside had been working on diversifying its portfolio of assets since the start of last year, with the ASX-listed company acquiring assets in Morocco, Gabon, Cameroon and Tanzania, as well as agreeing to a farm-in with major BP over an offshore asset in Canada.