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State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday said it has signed a pact with Norwegian energy giant Equinor ASA for collaboration in oil and gas exploration and production as well as clean energy projects.
The memorandum of understanding (MoU) was inked on April 26, the company said in a statement.
The agreement is “for collaboration and partnership in areas of upstream exploration and production, midstream, downstream and clean energy options, including carbon capture utilisation and sequestration (CCUS),” it said.
Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
The MoU was signed during the visit of a high-level delegation of Norway to India.
Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, Norwegian Foreign Minister Anniken Huitfeldt, ONGC Chairman and Managing Director Alka Mittal and Executive Vice President of Equinor Irene Rummelhoff were present on the occasion.
“As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing and trading, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilisation and Sequestration (CCUS) opportunities in India,” it said.
The MoU is valid for two years under which both companies have agreed to work together in the areas identified.