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Republic of Ecuador and ONGC Videsh Limited have signed a Memorandum of Understanding (MoU) for evaluating E&P opportunities in Ecuador.
"Latin America is a focus area for ONGC Videsh. It already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30% of oil production of ONGC Videsh," said OVL in a press statement.
As per the MoU information regarding oil and gas projects in Ecuador, would be made available to ONGC Videsh to identify the project(s) of its interest and propose participation in such project(s) through specific definitive agreements.
Ecuador is an oil producing and exporting country, a member of OPEC and has a daily production of about 5,00,000 barrels of crude oil.
