ONGC Videsh signed an MoU to evaluate E&P opportunities in Ecuador
OVL signed an agreement to evaluate E&P opportunities in Ecuador. The MICSE will provide information to OVL regarding the projects in Ecuador.
ONGC Videsh Limited (OVL) the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) on 9 December 2013 signed an agreement to evaluate E&P opportunities in Ecuador.
The Memorandum of Understanding (MoU) was signed between the Co-ordinating Ministry for Strategic Sectors (MICSE) of the Republic of Ecuador and ONGC Videsh Limited in New Delhi. It was signed by Minister Rafael Poveda Bonilla on behalf of MICSE and D. K. Sarraf, Managing Director & CEO, ONGC Videsh. It was signed in the presence of Jorge David Glas Espinel, the Vice President of Ecuador, who at present is on the visit of India.
Since last one year, the OVL has been evaluating the E&P opportunities in Ecuador. For OVL Latin America is the focus area and it has a presence in Brazil, Venezuela and Colombia. About 30 percent of the oil production of OVL is contributed by these countries.
As per the signed MoU, the MICSE will provide information to OVL regarding the oil and gas projects in Ecuador. As per the information, OVL will evaluate to identify the projects of its interest and it will propose participation in such projects through specific definitive agreements.
Ecuador is an oil producing and exporting country, a member of OPEC and has a daily production of about 500,000 barrels of crude oil.
Earlier, ONGC Videsh on 20 November 2013 signed MoU with Petrovietnam (PVN) to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries.
About ONGC Videsh Limited (OVL)
ONGC Videsh Limited is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India and is India’s largest international oil and gas E&P Company. he primary business of OVL is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. At present OVL has participation in 32 projects in 16 countries that include Russia, South Sudan, Sudan, Syria, Venezuela, Vietnam, Azerbaijan, Brazil, Colombia, Libya, Iraq, Kazakhstan and Myanmar. It contributed 12 percent and 7 percent of oil and natural gas production of India. OVL is currently producing 160 thousand barrels of oil and oil equivalent gas per day.