CNPC, ONGC Agree to Work Together

China National Petroleum Corp, (CNPC) and Oil and Natural Gas Corp (ONGC) have agreed to jointly explore oil and gas assets overseas.

An ONGC press statement said the MoU for hydrocarbon cooperation was signed by ONGC Chairman and Managing Director Sudhir Vasudeva and CNPC Chairman Jiang Jiemen. "This MoU looks to establish and consolidate their energy portfolios globally," it said.

The areas of cooperation between ONGC and CNPC will involve joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally.

The agreement involves cooperation in upstream, midstream and downstream opportunities. 

OVL, the overseas arm of ONGC, and CNPC had earlier collaborated in Sudan and have worked together on projects in Syria and Myanmar.