The memorandum of understanding (MoU) envisages the Oil and Natural Gas Corporation (ONGC) supporting Indian Oil (IOC) in exploration under India’s New Exploration Licensing Policy, and IOC supporting ONGC for marketing its aviation turbine fuel (ATF). The two companies will also forge strategies for marketing of natural gas produced by ONGC.
ONGC said that the MoU also incorporates IOC supplying high-speed diesel to the company for meeting the latter’s operational requirements.
The umbrella understanding, which also includes finalization of the long pending crude oil supply agreement (COSA), will facilitate development of mutually beneficial agreements in the identified areas of co-operation and provide a platform to resolve commercial issues between the two companies, said ONGC.
Earlier in January 2008, ONGC had signed MOU with Rocksource ASA for cooperation in E&P sector in India and abroad. Rocksource is a E&P company specializing in interpretation of EM data. It has exploration and producing assets in Norway, UK and USA.
ONGC is an Indian company dealing with oil and gas exploration, production and marketing.
