Nu-Oil and Gas venture joins with Petrofrac to develop stranded gas resources
Source - SMW
Nu-Oil and Gas said that its 50%-owned Marginal Field Development Company joint venture had entered into a collaboration agreement with Petrofrac.
The companies would pursue opportunities in the recovery of stranded gas resources utilising gas-to-wire facilities.
'Maximising the economic recovery of gas resources currently considered stranded should be central to the move towards a cleaner energy future and gas to wire offers a means to do this,' chief executive Alison Pegram said.
'Petrofac has extensive experience in the operation, maintenance and management of gas production facilities in the UK so we're very pleased to have secured their support for our gas to wire initiative as our project negotiations intensify.'
At 9:13am: (LON:NUOG) Nuoil And Gas Plc share price was +0.03p at 0.25p