OVL ties up with Turkey's national oil company

Official says MOU envisages two companies working together for exploration and production activities in Turkey

ONGC Videsh Limited (OVL) has entered into a Memorandum of Understanding with the Turkish Petroleum Corporation (TPAO) for joint cooperation between the two national oil companies in the hydrocarbon sector.

"The MOU envisages two companies working together for exploration and production activities in Turkey, joint participation in bidding for opportunities including exploration bid rounds in third countries and pursuit of hydrocarbon area related research and development activities," OVL said in a press statement.

The MoU was signed on the sidelines of World Petroleum Congress 2014, at Moscow. ONGC Videsh and TPAO are consortium partners in the Azeri-Chirag-Guneshli (ACG) project in Azerbaijan and Baku-Tbilisi-Ceyhan (BTC) pipeline from Azerbaijan to Turkey via Georgia.