The state-owned Oil and Natural Gas Corporation said on Monday it signed an agreement with global oil major BPs to explore exploration and production, trade and other energy vector collaborations, India and internationally. .
MOU will come within a month of choosing BP as its technical service provider to increase production from flagship Mumbai High Oil and Gas Fields.
“ONGC and BP have agreed to explore collaboration and partnership opportunities across the Indian energy industry. Internationally, the company is involved in the exploration and production of oil and gas, as well as trading and expansion into other energy vectors. We focused on it,” the company said in a statement.
The companies have signed a memorandum of understanding (MOU) on the eve of India’s premier energy event, India’s Energy Week.
The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President William Lin, senior leaders from both organizations.
“Under the terms of the MOU, BP will work with ONGC to jointly investigate and evaluate potential business opportunities in oil and gas projects within India and internationally,” the statement said.
Specific areas of cooperation include exploring potential collaborations and sharing best practices for deep sea exploration. To enhance production and optimize management of ONGC’s mature field. And in cooperation with their respective partners, they will jointly bid on mutually agreed offshore area under the India Open Area Licensing Program (OALP) round.
MOU also covers strategic collaborations, creating value in additional energy vectors such as trading and carbon sequestration.
The MOU is valid for three years, during which the parties will cooperate in the identified areas of cooperation.
