BP, ONGC tie up for tasks in India, overseas

NEW DELHI: Flagship explorer ONGC and British power main BP plc on Monday signed a framework MoU (Memorandum of Understanding) to discover partnerships in oil and fuel tasks in India and internationally, giving a much-needed leg-up for India’s pitch for investments on the India Vitality Week starting right here on Tuesday.
The MoU comes inside a month of ONGC deciding on BP as a technical service supplier for elevating output from its flagship Mumbai Excessive oil and fuel subject. The main focus of the collaboration can be on exploration and manufacturing in addition to buying and selling, apart from different vectors of the power sector, the businesses stated after signing the MoU within the presence of oil minister Hardeep Singh Puri.
The businesses see scope for collectively bidding for offshore acreage underneath India’s Open Acreage Licensing Programme (OALP) rounds in partnership with their respective companions. As well as, the businesses see potential for collaborating in deep-water exploration, enhancing manufacturing and optimising administration of ONGC’s maturing fields.
The MoU envisages value-creation by strategic collaboration in buying and selling and different areas, equivalent to carbon sequestration. The MoU is legitimate for 3 years, throughout which each events will work collectively within the recognized areas of collaboration.
“ONGC and BP have agreed to discover alternatives for collaboration and partnership throughout the power business in India and internationally, centered on oil and fuel exploration and manufacturing, in addition to buying and selling and increasing to different power vectors,” a press release stated.