India and Ecuador to bid for oil fields jointly

New Delhi, July 19 (UNI) India and Ecuador will jointly bid for oil and gas exploration in Latin America and in other countries like Kazakhstan, Russia and Iran.

An MoU to this effect was signed today between the two countries.

ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp, the nation's biggest oil producer, and PetroEcuador, Ecuador's state oil company is seeking oil assets in countries such as Kazakhstan, Russia, Iran and Ecuador.

The MoU also entails cooperation in developing and promoting petroleum, gas, electricity, petrochemical, external hydrocarbon commercialisation, geological and petroleum research.

PetrEcuador and OVL would collaborate in exploration and exploitation of hydrocarbons in Ecuador on mutually agreed terms, the MoU said. ''Such collaboration will include establishment of joint ventures for exploration and exploitation of hydrocarbon in exisiting and new concessions with a view to increase production.'' PetroEcuador shall jointly participate with OVL in the bidding of oil and gas blocks in Ecuador and other countries.

OVL shall assist petrecuador on mutually agreed terms in areas of contract negotiations related to the exploration and hydrocarbon production and constituion of joint venture companies.

The other guidelines of the MoU has said that OVL shall train Ecuadorian national in research and development institutes of ONGC/OVL in areas of exploration, production, safety, environmental management, external petroleum commercialisation etc.

The MoU was signed in the presence of Petroleum and Natural Gas Minister Murli Deora and Minister for External Relations of Ecuador, Francisco Carrion who is on a state visit to India.''We are seeking more active participation from ONGC''. He said that Ecuador is also thinking of making another refinery which would be the fourth in the country.

UNI RT CS DB1834