ONGC inks MoU with Japanese firm Mitsui for gas exploration

ONGC has signed an MoU with Japanese conglomerate Mitsui & Co Ltd for pursuing petroleum and natural gas opportunities. The agreement was signed by Masani Lijima, President and CEO of Mitsui & Co Ltd and Sudhir Vasudeva, CMD, ONGC on January 24, 2014 in New Delhi.
 
As per the MoU, both companies will cooperate in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and other countries.
 
This is the third MoU signed by ONGC and Mitsui. In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later, in March 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG terminal at Mangalore.