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ONGC Videsh Ltd (OVL), the overseas arm of state-run explorer Oil and Natural Gas Corp, has signed a memorandum of understanding with Ecuador for cooperation in identification and possible exploration of oil and gas.
According to the pact, the Coordinating Ministry for Strategic Sectors of Ecuador will make available information regarding oil and gas projects in Ecuador to OVL.
The explorer would then evaluate them to identify projects of its interest and could propose participation through specific definitive agreements.
OVL has been evaluating exploration and production opportunities in Ecuador for the last one year. Latin America is a focus area for the company. It already has a presence in Brazil, Venezuela and Colombia.
These countries contribute about 30 per cent of OVL’s total oil production.
Ecuador is an oil producing and exporting country and a member of the oil cartel Organization of the Petroleum Exporting Countries.It produces about 500,000 barrels of crude oil daily.
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