New Delhi: Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company, for collaboration in the areas of exploration and production (E&P) and clean energy, the Ministry of Petroleum & Natural Gas said on Wednesday.
Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
The MoU was inked on April 26 in New Delhi for collaboration and partnership in areas of upstream exploration and production, midstream, downstream and clean energy options, including Carbon Capture Utilisation & Sequestration (CCUS), the ministry said in a statement.
The agreement was signed during the visit of a high-level delegation of Norway to India. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, Norwegian Foreign Minister Anniken Huitfeldt, ONGC CMD Alka Mittal and Executive Vice President of Equinor Irene Rummelhoff were present at the agreement-signing ceremony.
As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing and trading, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilisation and Sequestration (CCUS) opportunities in India.
"The MoU is valid for two years under which both companies have agreed to work together in the areas identified," the Ministry of Petroleum & Natural Gas said.