State-owned Oil and Pure Gasoline Company on Monday mentioned that it had signed a pact with world oil main BP to discover collaboration in exploration and manufacturing, buying and selling and different power vectors, in India and internationally.
The MoU comes inside a month of ONGC deciding on BP as a technical service supplier for elevating output from its flagship Mumbai Excessive oil and fuel discipline.
“ONGC and BP have agreed to discover alternatives for collaboration and partnership throughout the power trade in India and internationally, centered on oil and fuel exploration and manufacturing, in addition to buying and selling and increasing to different power vectors,” the agency mentioned in an announcement.
The 2 corporations signed a memorandum of understanding (MoU), on the eve of India Vitality Week, the premier power occasion in India.
The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Govt Vice President, William Lin, together with senior management from each organisations.
“Underneath the phrases of the MoU, BP will collaborate with ONGC to collectively discover and consider potential enterprise alternatives in oil and fuel tasks each inside India and internationally,” the assertion mentioned.
Particular areas of cooperation will embrace to discover potential collaboration and share greatest practices for deep-water exploration; to reinforce manufacturing and optimise the administration of ONGC’s maturing fields; and to collectively bid for mutually agreed offshore acreage below India’s Open Acreage Licensing Program (OALP) rounds in partnership with their respective companions.
The MoU additional encompasses strategic collaboration to create worth in buying and selling and in further power vectors, similar to carbon sequestration.
The MoU is legitimate for 3 years, throughout which each events will work collectively within the recognized areas of collaboration.
