ONGC signs agreement with Ghana National Petroleum

Oct 17, 2004 02:00 AM

ONGC Videsh, the overseas arm of Oil and Natural Gas Corp, said it has signed an agreement with the Ghana National Petroleum Corp (GNPC) for cooperation in exploration and production. OVL was seeking opportunities to invest in oil and gas projects in Ghana. The agreement was signed on October 14.
"The agreement covers a framework for study and evaluation of the area identified by OVL and scope to enter into exploration, development and production agreement with GNPC," the companies said.

The MoU also envisages enhancing bilateral cooperation in E&P activities, including training of GNPC staff in India.
"The purpose of this agreement was the desire by GNPC to leverage on OVL's significant competence and know-how in E&P activities, as well as lay down the principles for future co-operation, said S. Sekyere Abankwa, Board Chairman of GNPC.
OVL chairman Subir Raha said "we welcome the partnership with GNPC to secure mutual benefits in Oil and Gas business."

India imports 70 % of its crude oil, mostly from the Middle East, and has aggressively sought opportunities to invest in overseas oil and gas projects as domestic output is shrinking.
OVL has operations in 10 countries including Vietnam, China and Australia, and has the backing of the oil ministry, which wants the company to spend at least $ 1 bn a year to acquire foreign operations.

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