Oil and Natural Gas Corporation (ONGC) and Japanese conglomerate Mitsui & Co have signed a memorandum of understanding (MoU) for co-operation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and third countries.
In a statement here on Monday, ONGC said the agreement was signed by Mitsui & Co President and CEO Masami Iijima and ONGC Chairman and Managing Director Sudhir Vasudeva. .
The agreement would pave the way for opportunities such as setting up of a re-gasification terminal at Mangalore or any other mutually identified locations, including marketing of re-gasified LNG. Both companies would seek to collaborate on new LNG transportation technologies and gas demand creation in various areas, including household LNG demand creation and gas-based plants. The joint partners would also look into specific exploration opportunities within India that could lead to joint bidding for identified acreage in forthcoming exploration rounds, such as NELP, shale gas blocks and any opportunity outside India in upstream blocks which are mutually identified and agreed. Under the proposed agreement, ONGC and Mitsui would also explore the possibility of laying, building, operating or expanding natural gas pipelines along mutually identified routes.