ONGC inks MoU with Mitsui for cooperation in pursuing petroleum and natural gas opportunities

Sudhir Vasudeva Sudhir Vasudeva, CMD, ONGC (right); ONGC Director (HR & BDJV) K S Jamestin (middle) applauds

An MoU has been signed between Indian Maharatna Public Sector Enterprise ONGC and Japanese conglomerate Mitsui & Co., Ltd. on 24th January, 2014 in New Delhi. The agreement was signed by Mr. Masami Iijima, President and CEO of Mitsui & Co., Ltd. and Mr. Sudhir Vasudeva, CMD, ONGC. The MoU signing ceremony was attended by senior officials from both the companies.

The MoU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.

In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG Terminal at Mangalore.

About Mitsui: Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 151 offices in 67 countries as of April, 2013. Utilizing its global operating locations, network and information resources, 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 in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, Innovation & Corporate Development Business. Mitsui is actively taking on challenges for global business innovation around the world. For more information, visit: http://www.mitsui.com

About ONGC: ONGC is the national oil & gas exploration and production company with interest across the hydrocarbon value chain including LNG terminal, regasification and marketing infrastructure. It is the highest valued and the highest profit making India Public Sector Enterprise. In the financial year ended 31 March 2013, ONGC Group produced 58.7 million tonne of oil and oil equivalent gas (mmtoe) (approximately 1.2 mmboe per day), had a turnover of INR 165,849 Crore (US$ 30.45 billion) and profit after tax of INR 24,220 Crore (US$ 4.44 billion). ONGC Group had total oil and gas reserves of 1,759 mmtoe as on 31 March 2013. For information visit: www.ongcindia.com