ONGC commissions Rs 6,000 cr projects to boost oil, gas output

Apr 27,2022

State-run Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company for for collaboration in areas of upstream exploration & production, midstream, downstream and clean energy options.

The MoU was signed during the visit of a high-level delegation of Norway to India, said statement from ONGC. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, Norwegian Foreign Minister Anniken Huitfeldt, ONGC CMD 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 Utilization and Sequestration (CCUS) opportunities in India," the statement said .

The MoU is valid for two years under which both companies have agreed to work together in the areas identified.

Shares of ONGC on the BSE closed at ₹165 on Wednesday, lower by 1.26% from its previous close.