ONGC and Mitsui to pursue gas opportunities

India-based Oil and Natural Gas Corporation (ONGC) and Japan-based Mitsui have signed a memorandum of understanding (MoU) for co-operation in pursuing gas opportunities.

The agreement was signed in New Delhi, India in the presence of both companies’ senior officials, by Mitsui president and CEO Masami Iijima and ONGC CMD Sudhir Vasudeva.

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

The companies also entered into an MoU in August 2012 for cooperation in gas and the liquefied natural gas (LNG) business.

In March 2013, Mitsui signed another MoU with ONGC, BPCL and New Mangalore Port Trust for a feasibility study of a LNG Terminal in Mangalore.

ONGC has interests across the hydrocarbon value chain, including LNG terminals, regasification and marketing infrastructure. In the financial year ending 31 March 2013, the group produced 58.7 million tonnes of oil and oil equivalent gas and reported a turnover of $30.45bn.

Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects.

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Image: The MoU was signed by Mitsui president and CEO Masami Iijima and ONGC CMD Sudhir Vasudeva. Photo: courtesy of Oil and Natural Gas Corporation LTD.