Global Energy Ventures Ltd (ASX:GEV), a developer of global integrated compressed natural gas (CNG) projects, is pleased to advise that it has entered into a Letter of Intent (LOI) with Tamarind Resources Pte Ltd (Tamarind), an oil and gas operator headquartered in Kuala Lumpur, Malaysia.
The aim of the LOI is to jointly identify, evaluate and pursue an interest/operatorship in gasfields in the Malaysian region, using GEV’s proprietary CNG Optimum technology and CNG Optimum 200 MMscf ships to export gas to markets within a 2,500 km range.
Under the LOI, both parties have already established a commercial case for a particular offshore Malaysian gas field, and have since expressed their interest to the authorities to conduct further due diligence and potential interest/operatorship in such field.
Tamarind Energy will seek to help partners boost production and yield of oil and gas fields in Malaysia and Indonesia, Angelo Acconcia, a New York-based managing director of Blackstone Energy Partners, said today in an interview. The Kuala Lumpur-based company is led by former executives from Talisman Energy Inc.
“Our focus is on the appraisal development of assets where they have already been discovered, and where we can be a value-added partner to companies that we work with,” Acconcia said.