GAIL (India), has a memorandum of understanding (MoU) with London based EDF Trading to jointly acquire and develop upstream oil and gas assets in North America and to partner in trading and optimisation of U.S. gas and LNG.
In a statement issued here, GAIL India said the MoU was signed on February 2 in the presence of Petroleum and Natural Gas Minister M. Veerappa Moily.
“The advent of shale gas in the U.S. bodes well for the global hydrocarbon landscape and this partnership is expected to look for business opportunities in this exciting space in order to enhance the oil and gas sourcing prospects for India,’’ he added.
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EDF Trading is one of the world’s leading participants in the LNG market and offers a complete range of services including supply and delivery, terminal operations, re-gasification and nominations into networks.