Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company. The MoU was inked on April 26, 2022 in Indian capital New Delhi for collaboration and partnership in areas of upstream Exploration & Production, midstream, downstream and Clean energy options, including Carbon Capture Utilization & Sequestration (CCUS). Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide. The MoU was signed during the visit of a high-level delegation of Norway to India.
As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing and trading, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilization and Sequestration (CCUS) opportunities in India. The MoU is valid for two years under which both companies have agreed to work together in the areas identified.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
Company Name | CMP |
---|---|
ONGC | 240.90 |
Oil India | 421.20 |
Jindal Drilling&Inds | 744.00 |
Hind Oil Exploration | 192.25 |
Deep Industries | 564.60 |
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