|Oil explorer Oil and Natural Gas Corporation (ONGC) and global oil giant British Petroleum (BP) have entered into an agreement to jointly undertake oil and gas exploration and production projects in India and overseas.|
|The agreement between the two companies includes knowledge sharing in deepwater exploration, an area in which BP has expertise. |
Coal-bed methane (CBM) technology sharing is also a part of the agreement.
|The memorandum of understanding (MoU) between the two companies also envisages possible participation in each other's oil and gas acreages in India and abroad, including offshore licenses and CBM acreages in India. ONGC has already found gas in a CBM block in Bengal.|
|The MoU, valid for an initial period of 18 months, could be extended further by mutual agreement, ONGC said in a statement.|
|The petroleum ministry had earlier rejected a proposal by the ONGC to rope in BP to provide technology for some of its projects in the country as the oil and gas blocks were nearing expiry.|
ONGC, BP tie-up for joint exploration
BS Reporter |