Grande Energy Announces Project Agreement With Mitsubishi, Schlumberger
Posted on: Wednesday, 20 August 2008, 09:01 CDT
Grande Energy Exploration & Production, a privately held oil and gas exploration and production company, has announced a project agreement with a US-based subsidiary of Mitsubishi, and oilfield services company Schlumberger.
The agreement calls for the financing and development of unconventional shale plays and seeks to position Grande as an emerging resource player in North America.
Based on current industry and economic conditions, Grande anticipates that the agreement could yield upwards of $250 million invested in the unconventional shale projects over the term of the agreement.
The 10-year project agreement positions Grande to capitalize on unconventional North American shale plays that are becoming attractive, due to the rapid nature of technological developments.
Robert Gaudin, president and CEO of Grande Energy, said: "This agreement is a win-win for all involved and brings together key players in land, energy financing and oil field services. We are thrilled to see this collaboration come to fruition."
Source: Datamonitor
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