22/11/2012 - 13:47

India keen to invest more in Norwest's Arrowsmith

22/11/2012 - 13:47

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Norwest Energy has received a vote of confidence in its Arrowsmith unconventional gas project in the Perth Basin, with Indian partner Bharat Petroleum Corporation agreeing to expand its investment in the project.

Norwest said today it had completed a three-day review of the Arrowsmith project, leading Bharat chairman R.K. Singh to announce plans to investigate the provision of pipeline infrastructure and the marketing of gas to the domestic market and India.

Bharat owns a 27.8 per cent stake in the Arrowsmith joint venture, with Norwest holding a 27.9 per cent stake, and fellow Perth-based junior AWE holding a 44.2 per cent interest.

Discussions were also held regarding liquefied natural gas exports to India.

“I was extremely pleased that Mr Sing, the chairman of one of India’s largest companies, could come to Western Australia to visit the project and meet with the project team,” Norwest chief executive Peter Munachen said.

Norwest has developed a strong relationship with Bharat over a number of years and this visit indicated the strength of their interest in the Arrowsmith project, with augers well for the future.”

At close of trade today Norwest shares were up 1.3 per cent, trading at 7.6 cents. 

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