Memorandum of Understanding between ONGC Videsh and Turkish Petroleum Corporation
ONGC Videsh Limited (ONGC Videsh) entered into a Memorandum of Understanding (MOU) with Turkish Petroleum Corporation (TPAO) on the sidelines of World Petroleum Congress (WPC) 2014 at Moscow. The MOU was signed by Mr. SP Garg, Managing Director, ONGC Videsh and Mr. BesimSisman, President and CEO of TPAO on 18th June, 2014 in the presence of Asc. Prof. H. Murat Mercan, Deputy Minister, Ministry of Energy and Natural Resources, Republic of Turkey.
The MOU paves the way for joint cooperation between two National Oil Companies in the hydrocarbon sector. The MOU envisages two companies working together for E&P activities in Turkey, joint participation in bidding for opportunities including exploration bid rounds in third countries and pursuit of hydrocarbon area related research and development activities.
ONGC Videsh and TPAO are consortium partners in the Azeri-Chirag-Guneshli (ACG) project in Azerbaijan and Baku-Tbilisi-Ceyhan (BTC) pipeline from Azerbaijan to Turkey via Georgia.
About ONGC Videsh
ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas E&P Company. At present OVLis present in 33 projects in 16 countries. ONGC Videsh is currently producing about 170 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of 637 Million Tonne Oil Equivalent (MTOE) as on 31st March 2014.
ONGC’s market capitalisation as on 19th June, 2014 was about US$ 60 billion. It is the highest valued and the highest profit making Government of India enterprise. In the financial year ended 31 March 2014, ONGC Group had produced 59.20 MTOE withTurnover of about US$ 29.46 billion and profit after tax of about US$ 4.38 billion. ONGC Group had total oil and gas reserves of 2,004 MTOE as on 31st March 2014.
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Oil and Natural Gas Corporation Ltd.
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