Indian ONGC Videsh Ltd plans to engage in geological explorations in Uzbekistan

The JSC “Uzbekneftegaz” and Indian “ONGC Videsh Limited” have signed a cooperation agreement, Kun.uz correspondent reports.

The document was signed during the visit of the Uzbek delegation to New Delhi. The sides discussed prospects for development of bilateral cooperation in the field of geological exploration in the investment blocks in Uzbekistan, as well as abroad.

“Following the talks, the parties decided to sign a Cooperation Agreement and a Confidentiality Agreement, which envisage joint preparation of specific partnership proposals within 4 months by exchanging information about the investment blocks of Uzbekistan and studying it in detail using modern software products and the experience of ONGC Videsh Limited,” Uzbekneftegaz noted.

ONGC Videsh Limited, a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas, is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. ONGC Videsh owns Participating Interests in 41 oil and gas assets in 20 countries and produced about 26.2% of oil and 20.7% of oil and natural gas of India’s domestic production in FY’18. In terms of reserves and production, ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.