ONGC Videsh Ltd, the overseas arm of state-owned explorer Oil and Natural Gas Corp (ONGC), has entered into an agreement with Republic of Equatorial Guinea for cooperation in upstream hydrocarbon sector in the African nation. The memorandum of understanding (MoU) is part of efforts of Indian flagship overseas oil and gas firm to expand its presence in hydrocarbon rich African continent.
The pact was signed by OVL Managing Director and CEO Narendra K Verma Equatorial Guinea’s Minister for Mines Gabriel Mbaga Obiang Lima on sidelines of the 4th India-Africa Hydrocarbons Summit.
“We have received a clear mandate from H.E. the President of Equatorial Guinea to execute this cooperation on both the economic and political front. Going forward, we want to share our very ambitious plans with ONGC for developing upstream and downstream sectors. We will be happy to cooperate with ONGC to fulfill all of them,” Gabriel Mbaga Obiang Lima said.
“Under the MOU, the State of Equatorial Guinea will cooperate with ONGC Videsh to explore the potential investment opportunities within the upstream hydrocarbons sector in Equatorial Guinea, as may be of interest to ONGC Videsh,” OVL said in a statement.
ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corp. Ltd. (ONGC) focused on the upstream sector, has made investments in Africa a top priority of its 2016 agenda. The Indian company intends to double its spending on Africa to $16 billion over the next few years as it evaluates multiple exploration opportunities.
OVL is India’s largest international oil and gas exploration and production company having 36 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Myanmar, Russia, Syria, Venezuela and Vietnam.