ONGC formalizes move for uranium hunt

New Delhi, Nov.11 : The Oil and Natural Gas Corporation Ltd. (ONGC) has signed an MoU with Uranium Corporation of India Ltd. (UCIL) for joint cooperation in uranium exploration and development.

The MoU was signed in South Block by ONGC CMD R S Sharma and UCIL CMD Ramendra Gupta in the presence of Chairman of Atomic Energy Commission (and Secretary, Department of Atomic Energy) Dr. Anil Kakodkar.

ONGC Directors Dr. A K Balyan, N K Mitra, D K Pande and U N Bose were also present on the occasion.

The initiative is based on complementary expertise of the two public Enterprises. ONGC has rich experience in hydrocarbon exploration; UCIL, under the Department of Atomic Energy, is in the forefront of Uranium mining and processing, backed by Atomic Minerals Directorate for Exploration and Research headed by Dr. Anjan Chaki.

The cross-fertilization of ideas and technologies are bound to synergize the new endeavour of Uranium prospecting and mining. UCIL is actively exploring possibilities of acquiring Uranium properties and exploration licenses in several countries. ONGC's overseas arm ONGC Videsh Ltd.

A Steering Committee will be formed immediately and will evolve a time bound programme. ONGC has already initiated the exercise of studying its well logs which have indicated trace presence of the mineral in some wells.

ANI