India's OVL, Equatorial Guinea Sign Energy MoU
ONGC Videsh Limited (OVL) and the Republic of Equatorial Guinea signed a Memorandum of Understanding (MoU) on Wednesday related to energy cooperation.
The MoU was signed in New Delhi, India on the side-lines of the India-Africa Hydrocarbon Conference.
Under the MoU, the African nation will cooperate with ONGC Videsh to explore the potential investment opportunities within the upstream hydrocarbons sector in Equatorial Guinea.
ONGC Videsh is a wholly owned subsidiary of state owned ONGC and is India’s largest international oil and gas E&P Company. At present, ONGC Videsh has participation in 36 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam.
ONGC Videsh’s oil and gas operations produced 8.87 million tonne of oil and oil equivalent gas (mmtoe) in 2014-15. As on 1st April 2015, ONGC Videsh has a total oil and gas 3P reserves of 647.485 mmtoe. ONGC Videsh’s overseas cumulative investment up to 31st March 2015 has crossed $23.77 billion.