Lakes Oil, Sinopec Sign MoU for Australia Gas Venture

Lakes Oil has signed a memorandum of understanding with Sinopec to investigate a possible joint development of Lakes’ permits in the Gippsland Basin, Victoria, Proactive Investors reported.

According to Proactive Investors the company and Sinopec subsidiary China Shengli Oilfield Longxi Petroleum Engineering Company (CSOLPE) will into the supply of gas for the production of urea and other chemical products in the region.

CSOLPE will conduct due diligence next month and may proceed with a binding agreement for joint permit development and chemical production.

Lake’s Gippsland assets include the Wombat tight gas field.

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