ONGC Videsh signs Memorandum of Understanding with YPF S.A
ONGC Videsh Limited (ONGC Videsh) and YPF S.A., the major oil producing company of Argentina have entered into a Memorandum of Understanding (MOU) on 1st September 2014 to cooperate in the hydrocarbon sector.
Under the MOU, the two companies will analyse the opportunities for cooperation in upstream sector in Argentina, India and third countries. The MOU also envisages collaboration in the areas of research & development and human resources.
Argentina is an important oil and gas producing country in Latin America. It also has excellent potential for unconventional oil and gas (tight/shale), particularly in the Neuquén Basin.
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, ONGC Videsh has participation in 35 projects in 16 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. ONGC Videsh is currently producing about 160 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of 637 mmtoe as on 31 March, 2014. For more information visit: www.ongcvidesh.com.
ONGC’s market capitalisation as on 1st September 2014 was INR 3760.6 billion (US$ 62 billion). During the financial year ended 31 March 2014, ONGC Group had produced 59.20 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.2 mmboe per day); the Gross Revenue was INR 1744.7 billion (US$ 29.46 billion) and total oil and gas reserves were 2,004 mmtoe as on 31st March 2014. For more information visit: www.ongcindia.com.
YPF SA, a 51% majority-owned entity of the Government of Argentina is an integrated energy company. It is the main oil producer in Argentina, with more than 41% market share of oil and gas. It employs 45,000 people directly and indirectly. It has three strategically located refineries in the country and a network of over 1500 service stations. For more information visit: www.ypf.com.