New Delhi: State-run Oil and Natural Gas Corporation (ONGC) and BP have signed a memorandum of understanding (MoU) to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally, said a statement. “ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors,” the statement added.
The two companies signed a pact on February 10 in New Delhi, on the eve of India Energy Week. The signing ceremony was attended by Minister for Petroleum and Natural Gas Hardeep Singh Puri, Petroleum Secretary Pankaj Jain, ONGC’s Chairman and CEO Arun Kumar Singh, and BP’s Executive Vice President, William Lin, along with senior leadership from both organisations.
Under the terms of the MoU, BP will collaborate with ONGC to jointly explore and evaluate potential business opportunities in oil and gas projects both within India and internationally. Under the terms of the MoU, the two companies have agreed to explore potential collaboration and share best practices for deep-water exploration, to enhance production and optimise the management of ONGC’s maturing fields, and to jointly bid for mutually agreed offshore acreage under India’s Open Acreage Licensing Program (OALP) rounds in partnership with their respective partners.
The MoU further encompasses strategic collaboration to create value in trading and in additional energy vectors, such as carbon sequestration. The pact is valid for three years, during which both parties will work together in the identified areas of collaboration.
