ONGC, BP ink MoU to collaborate in E

New Delhi, Aug 31 (UNI) Oil and Natural Gas Corporation Ltd (ONGC) today said it has entered into an MoU with global oil major British Petroleum (BP), to collaborate in Exploration and Production (E&P) business in India and abroad, which includes sharing of knowledge in Coal Bed Methane (CBM) and Deepwater exploration.

The MoU also envisages possible participation in each other's acreages in India and abroad, including offshore licenses and the CBM acreages in India, said a statement.

The MoU also provides for joint bidding by ONGC and BP for exploration acreages in India and abroad.

The MoU is valid for an initial period of 18 months, which can be extended further by mutual agreement between the two corporations.

After signing of the MoU, ONGC CMD R S Sharma said that both the oil majors have varied experiences in Exploration and Production business and this synergy will give competitive advantages to both entities in global operations.

The MoU was signed by ONGC's Director (Exploration) D K Pande and BP President, (Middle East and South Asia) Steve Peacock.

UNI