State-owned Oil and Natural Gas Corporation Limited (ONGC) and bp have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focusing on oil and gas exploration and production, as well as trading and extending to other energy vectors.
The two companies signed a memorandum of understanding (MoU) on Monday ahead of the India Energy Week.
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, the company said.
The two companies aim to explore potential collaboration and share best practices for deep-water exploration, enhance production and optimize the management of ONGC’s maturing fields; and 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 agreement is valid for three years, during which both parties will work together in the identified areas of collaboration.