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Afren Signs Memorandum of Understanding with Electricité De France and Gasol

Source: www.gulfoilandgas.com 9/23/2008, Location: Africa

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Afren signed a Memorandum of Understanding (MoU) with Electricité de France (EDF) and Gasol plc (Gasol) to examine establishing a gas aggregation joint venture to identify and develop onshore and offshore stranded gas assets in certain identified West African countries.

The proposed joint venture will develop gas to proven status, construct requisite collection networks to aggregate, and deliver the gas to a central gas processing hub for domestic use and / or export to global markets as Liquefied Natural Gas (LNG).

It is envisaged that Afren and EDF will share participation in developing the exploration and production gas assets to proven status, and that EDF and Gasol will share participation in the collection of the gas, and its processing, liquefaction and monetisation.

This follows the Company’s co-operation agreement with E.ON Ruhrgas AG and Gasol to investigate the availability and accessibility of gas in Nigeria, with a focus on the Anambra Basin and South Eastern regions, announced in January 2008.

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