LONDON – Hague and London Oil BV has signed a memorandum of understanding (MoU) with ENGIE Global Energy Management.
Under the MoU, HALO will contribute its upstream and commercial capabilities to target, acquire, and manage low-risk natural gas production assets inEurope.
ENGIE, which is a strong player in European gas markets, with operated oil and gas production offshore Norway, the UK and the Netherlands, will provide its expertise in energy management to offer what is described as an innovatively structured gas off-take, designed to help HALO secure funding of assets.
Andrew Cochran, chairman of HALO, said: “This is a unique agreement that will provide asset sellers with an integrated buyer’s package both reducing risk and improving access to finance for natural gas assets in Europe.”
Mircea Caratas, chief commercial officer of ENGIE Global Energy Management, said: “This MoU is significant for us as it marks an innovative development in our product offering. For the first time, we are able to marry our group’s E&P knowledge with the ability to manage commodity price risk in order to access hydrocarbons, at the same time helping HALO to raise money for acquisitions in the mature European gas basins.”
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