ONGC Videsh inks pact with Uzbek firm

ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), today said it has signed an agreement for cooperation with Uzbekistan's Uzbekneftegaz.

OVL yesterday "entered into a Memorandum of Understanding (MOU) with Uzbekneftegaz (UNG), the national oil company of Uzbekistan for joint cooperation in the upstream E&P sector of Uzbekistan as well as third countries," the company said in a press statement.

The agreement was signed by OVL Director (Finance) Satpal Garg and Uzbekneftegaz Chairman Shokir Faizullayev in the presence of Uzbekistan's First Deputy Prime Minister Rustam Azimov.

"Uzbekistan has long been an important gas producer and ranks 13th in terms of global gas supply," ONGC said.

"The MoU provides for the formation of Joint Working Group consisting of experts from both the companies for identifying specific oil and gas fields in Uzbekistan and the areas in third countries for E&P activities through joint cooperation," it said.