ONGC MoU for FY 2007-08 signed

New Delhi, Apr 2 (UNI) State-owned Oil and Natural Gas Corporation Ltd (ONGC) has signed annual Memorandum of Understanding (MoU) for performance targets for the financial year 2007-08.

The MoU was signed by Secretary, Ministry of Petroleum and Natural Gas M S Srinivasan and Chairman and Managing Director ONGC R S Sharma.

During the year 2007-08, to mark a distinct improvement in corporate deliverables in core business areas, the company has targeted third party audit of 350 exploratory wells, formation of three joint ventures and alliances with international majors, economic value addition of 19.13 per cent and undertaking two clean development mechanism projects.

The FY 2007-08 MoU has also doubled the weightage on subsidiary management (OVL and MRPL) from 2 per cent to 4 per cent, a company statement said here today.

UNI