BP, ONGC join hands for projects in India, abroad

NEW DELHI: Flagship explorer ONGC and British energy major BP plc on Monday signed a framework MoU to explore partnerships in oil and gas projects in India and internationally, giving a much-needed leg-up for India’s pitch for investments at the India Energy Week beginning here on Tuesday.

The focus of the collaboration will be on exploration and production as well as trading, besides other vectors of the energy sector, the companies said after signing the MoU in the presence of oil minister Hardeep Singh Puri.

The companies see scope for jointly bidding for offshore acreage under India’s Open Acreage Licensing Programme (OALP) rounds in partnership with their respective partners. In addition, the companies see potential for collaborating in deepwater exploration, enhancing production and optimising management of ONGC’s maturing fields.

The MoU envisages value-creation through strategic collaboration in trading and other areas such as carbon sequestration. The MoU is valid for three years, during which both parties will work together in the identified areas of collaboration.