BP, ONGC tie up for initiatives in India, overseas

NEW DELHI: Flagship explorer ONGC and British vitality main BP plc on Monday signed a framework MoU (Memorandum of Understanding) to discover partnerships in oil and gasoline initiatives in India and internationally, giving a much-needed leg-up for India’s pitch for investments on the India Power Week starting right here on Tuesday.
The MoU comes inside a month of ONGC choosing BP as a technical service supplier for elevating output from its flagship Mumbai Excessive oil and gasoline area. The main focus of the collaboration will probably be on exploration and manufacturing in addition to buying and selling, apart from different vectors of the vitality sector, the businesses mentioned after signing the MoU within the presence of oil minister Hardeep Singh Puri.
The businesses see scope for collectively bidding for offshore acreage underneath 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 value-creation by strategic collaboration in buying and selling and different areas, equivalent to carbon sequestration. The MoU is legitimate for 3 years, throughout which each events will work collectively within the recognized areas of collaboration.
“ONGC and BP have agreed to discover alternatives for collaboration and partnership throughout the vitality business in India and internationally, targeted on oil and gasoline exploration and manufacturing, in addition to buying and selling and lengthening to different vitality vectors,” a press release mentioned.