Energy exploration major ONGC's foreign arm ONGC Videsh Saturday entered into a memorandum of understanding and cooperation (MOU) with Mexico's Pemex national oil company for exploration of hydrocarbons.
According to the company, it entered into the MoU on Sep 25, under which the two companies will plan to discuss future cooperation and collaboration in Mexico's upstream sector.
"The MOU also envisages cooperation in the fields of technology, human resources, research and development (R&D)," the company said in a statement.
Currently, Mexico is the largest crude oil producing country in Latin America. The country has recently opened its oil and gas sector for foreign participation.