Oil & Natural Gas Corporation, the country’s biggest energy explorer, signed an agreement to jointly seek oil and gas with Indian Oil Corporation. ONGC will support IndianOil, the nation’s biggest refiner, in looking for oil in fields auctioned in the country, the explorer said in an e-mailed statement today.
The two companies will also cooperate in the production and marketing of oil and gas, ONGC said. ONGC and IOC each hold 40 per cent in a field in Iran’s Farsi area. Oil India, a state-owned exploration company, owns the rest of the stake in the field, acquired by ONGC in 2002.
“Our collaborative efforts paid off in the Farsi block, indicating in-place reserves of 14 trillion cubic feet of gas,” R S Sharma, chairman of ONGC, was cited as saying in the statement. IOC will also help ONGC in the marketing of its jet fuel and supply diesel to the explorer for its operational needs.
