You are here

India’s OVL signs E&P MOU with Ecuador

12th December 2013

OVL signs MOU with MICSE of Ecuador to explore E& P opportunities in a bid to expand its presence in Latin America

Oil drilling
OVL has signed a MOU with the government of Ecuador to explore E&P opportunities in the country

ONGC Videsh (OVL) of India has signed a memorandum of understanding (MOU) with the Republic of Ecuador’s ministry for strategic sectors (MICSE) to explore E&P opportunities. According to the MOU, MICSE will provide OVL with information related to upcoming oil and gas projects in Ecuador. Based on this information, OVL will evaluate and identify projects of interest and may propose participation in the projects through definitive agreements.

 

OVL already has oil and gas assets in Brazil, Venezuela and Columbia which contribute to 30 per cent of its oil production. Since last year, the overseas arm of ONCG has been evaluating E&P opportunities in Ecuador which produces about 500,000 barrels of crude oil per day.

 

Recently, China’s Sinochem and OVL were eyeing a 35 per cent stake in block BC-10, located in the Campos Basin in Brazil. In a bid to beat the Chinese oil and gas company, OVL along with Royal Dutch Shell acquired Petrobras’ 35 per cent stake in the block. 

 

Related topics: