Woodside Petroleum is positioning itself for an expected boom in demand for gas in India by partnering with one of the country's largest conglomerates.
The Perth-based oil and gas producer will work with Adani Enterprises to identify and develop potential LNG projects in India under a newly signed memorandum of understanding.
"India is an important emerging LNG market in which we see enormous supply potential as infrastructure is developed," Woodside chief executive Peter Coleman said.
The agreement also signifies a growing relationship with Adani, he said, which is best known in Australia for its planned coal mine in Queensland.
Adani's $16.5 billion Carmichael mine project has drawn the ire of environmentalists who fear it could threaten groundwater in the Great Artesian Basin.
IG market strategist Evan Lucas said the Woodside and Adani deal indicated Woodside's long term interest in India, but said it could be a decade before it is involved in a project in the country.
"They certainly do want to have exposure to that Indian market which they do see sometime in the future as being a boom," Mr Lucas said.
"But it's a long way away, we are talking decades, not years."
Current low oil prices mean Woodside is on the lookout for projects that are in production, or within a year or so of production, he said.
The Adani and Woodside deal was inked by Mr Coleman and Adani chairman Gautam Adani in the Indian state of Gujarat over the weekend.
Federal trade minister Andrew Robb, who is leading an Austrade mission in the region, was also at the signing ceremony.
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