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India’s ONGC signs E&P MOU with Mitsui

28th January 2014

ONGC signs MOU with Japan’s Mitsui to explore E&P opportunities in India and in third countries

ONGC has signed a MOU with Mitsui to explore E&P opportunities in India and in third countries

India’s Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MOU) with Japan’s Mitsui to explore E&P for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.

The state-owned company had teamed up with Mitsui in August 2012 for exploring opportunities in gas and LNG segment. In March 2013, Mitsui joined the consortium including ONGC, BPCL and New Mangalore Port Trust to study the feasibility of a LNG Terminal at Mangalore. 

Recently, ONGC’s overseas arm ONGC Videsh (OVL) signed a MOU with MICSE of Ecuador to explore E&P opportunities in a bid to expand presence in Latin America. OVL already has oil and gas assets in Brazil, Venezuela and Columbia which contribute to 30 per cent of its oil production.

 

 

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