India, Turkey sign MoU for E&P projects

India and Turkey today signed a memorandum of understanding (MoU) which would look into the possibility of exploration and production (E&P) initiatives between the two countries, and also permit Turkish companies to bid for new exploration licensing policy (NELP) rounds in the country.

The MoU was signed between minister for petroleum and natural gas Mani Shankar Aiyar and Turkish minister for energy and natural resource Mehmet Hilim Guler.

The understanding envisages joint studies and partnerships to secure oil and gas supply in the two countries by investing in any third country.

"The parties agree that Caucasian, Caspian, Central Asian, Southeast Asian, Middle Eastern and African opportunities consitute high priority areas for such cooperation," the MoU said.

"The step taken today signals opening a major door of Central Asia which was far from us," Aiyar said after the singing of the MoU.

Cooperation on manufacturing, upgrading and supply of drilling rigs and petrochemical processing units were also agreed on in the agreement.