New Delhi, Apr 21: ONGC Videsh Ltd. (OVL) and Japan Oil, Gas and Metals National Corporation (JOGMEC) today signed a memorandum of understanding (MOU) for their mutual cooperation in the hydrocarbon sector. The MOU was signed by President, JOGMEC, Mr.
Isao Kakefuda, and Managing Director, OVL, R.S. Butola.
The concept of the MOU is based upon the joint statement on mutual cooperation in the field of energy between Japan and India, executed in last September by the Ministry of Economy, Trade and Industry of Japan and the Ministry of Petroleum and Natural Gas of India.
The MOU provides for mutual collaboration for business opportunities in exploration and production and R&D activities relevant to the hydrocarbon sector. The MOU also provides a framework for accelerating and widening cooperation in the Hydrocarbon Sector including un-conventional fuels, besides collaboration in the E&P sector.
JOGMEC and ONGC Videsh Limited have agree to work in close coordination and to exchange information and to review and evaluate specific projects under the MOU in order to accomplish the goals of the MOU.
President, JOGMEC, Mr Kakefuda said that through executing specific projects under the MOU with ONGC Videsh Limited, JOGMEC will help provide Japanese private companies with a good business environment for their exploration and production activities in the hydrocarbon sector.
Chairman, ONGC Group of companies, Mr. Subir Raha later stated that the MOU is an important step towards promoting Japanese-India ventures in the E&P sector in third countries, to promote energy security of the two countries which are net importers of oil.