ONGC, Mitsui agree for joint oil, gas exploration

State-run explorer Oil and Natural Gas Corporation (ONGC) and Japanese major Mitsui Monday signed a memorandum of understanding (MoU) here for cooperation in hydrocarbons exploration and production in India and third countries.

"The MoU provides for cooperation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries," ONGC said in a statement.

"In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG terminal at Mangalore," it added.

The agreement would pave the way for opportunities such as setting up of a re-gasification terminal at Mangalore or another location, including marketing of re-gasified LNG.

Both companies would also look into specific exploration opportunities within India that could lead to joint bidding for identified blocks in forthcoming exploration rounds like NELP-10, and any opportunity outside India.

ONGC and Mitsui would also explore the possibility of laying, building, operating or expanding natural gas pipelines along mutually identified routes.