State-run ONGC on Monday said that it has signed an MoU with BP through which both parties will explore collaboration in exploration and production (E&P) in India and internationally, including jointly bidding for offshore acreage under India’s Open Acreage Licensing Program (OALP) rounds.
ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas E&P, as well as trading and extending to other energy vectors, the domestic E&P major said.
The memorandum of understanding was inked on Monday on the eve of India Energy Week, the premier energy event in India.
Under the terms of the MoU, bp will collaborate with ONGC to jointly explore and evaluate potential business opportunities in oil and gas projects both within India and internationally.
The specific areas of cooperation include exploring potential collaboration and sharing best practices for deep-water exploration and to enhance production and optimize the management of ONGC’s maturing fields.
Both firms will also collaborate to “jointly bid for mutually agreed offshore acreage under OALP rounds in partnership with their respective partners”.
It also encompasses strategic collaboration to create value in trading and in additional energy vectors, such as carbon sequestration.
The MoU is valid for three years, during which both parties will work together in the identified areas of collaboration.