ONGC, Mitsui to Cooperate in Exploring Unconventional, Conventional Oil, Gas

Indian state owned energy firm ONOC has signed MoU with Mitsui for cooperation in pursuing petroleum and natural gas opportunities, ONGC said in a statement relased on Bombay Stock Exchnage Monday.

The agreement was signed by Masami Iijima, President and CEO of Mitsui& Co and Sudhir Vasudeva, CMD of ONGC.

The MoU provides for cooperation in exploration and production for conventional and unconventional oil and natural gas opportunities in India and third countries.

In August 2012, the two companies had entered into a MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG Terminal at Mangalore.

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