The objective of the JSA is to identify the unconventional resource plays within India, and a high priority has been given by both parties to identify high growth profile shale gas and CBM prospects.
Stealth and ONGC will commence the evaluation process using ONGC’s data base and land profile to identify near term shale gas, CBM and tight sand prospects, with a longer term view to be taken on the basis of the results that emerge from the initial stages of the study. Work is expected to commence by June 30, 2010.
Derek Krivak, CEO of Stealth, said: “We are excited to enter the Indian oil and gas sector and think there is tremendous opportunity as these are very early days especially when you look at unconventional resources such as shale gas. We look forward to working with the ONGC on this project and in building a long-term relationship in India and elsewhere.”
Stealth is a Calgary-based junior oil and gas company whose expertise and focus is on unconventional gas reserves from shale gas, CBM and tight gas sand reservoirs.
