Oil and Natural Gas Corporation (ONGC) said that it has signed a memorandum of understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company.
Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing and trading, besides exploring further options in low carbon fuel, renewables, carbon capture storage (CCS) as well as carbon capture utilization and sequestration (CCUS) opportunities in India.
The MoU is valid for two years under which both companies have agreed to work together in the areas identified.
ONGC is engaged in the exploration, development, and production of crude oil, natural gas and value-added products.
The company's consolidated net profit surged to Rs 10,931.61 crore in the quarter ended December 2021 as against Rs 2,518.11 crore during the previous quarter ended December 2020. Sales rose 45.27% to Rs 1,45,685.58 crore in Q3 FY22.
The scrip shed 0.30% to currently trade at Rs 164.50 on the BSE.
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