NEW DELHI: Flagship explorer ONGC and British power main BP plc on Monday signed a framework MoU (Memorandum of Understanding) to discover partnerships in oil and fuel projects in India and internationally, giving a a lot-wanted leg-up for India’s pitch for investments on the India Vitality Week starting right here on Tuesday.
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 area. The focus of the collaboration can be on exploration and manufacturing in addition to buying and selling, in addition to different vectors of the power sector, the businesses stated after signing the MoU in the presence of oil minister Hardeep Singh Puri.
The firms see scope for collectively bidding for offshore acreage beneath India’s Open Acreage Licensing Programme (OALP) rounds in partnership with their respective companions. As well as, the businesses see potential for collaborating in deep-water exploration, enhancing manufacturing and optimising administration of ONGC’s maturing fields.
The MoU envisages worth-creation via strategic collaboration in buying and selling and different areas, resembling carbon sequestration. The MoU is legitimate for three years, throughout which each events will work collectively in the recognized areas of collaboration.
“ONGC and BP have agreed to discover alternatives for collaboration and partnership throughout the power trade in India and internationally, targeted on oil and fuel exploration and manufacturing, in addition to buying and selling and increasing to different power vectors,” a press release stated.
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