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Uzbekneftegaz Signed Cooperation Agreement with India’s ONGC Videsh Limited

Source: www.gulfoilandgas.com 10/11/2018, Location: Asia

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Uzbekneftegaz JSC has signed the Cooperation Agreement with ONGC Videsh Limited, a subsidiary of India’s major Oil and Natural Gas Corporation (ONGC).

The Uzbekneftegaz JSC delegation shortly before the state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to the Republic of India on September 30 - October 1, 2018, took part in a business forum in New Delhi, which brought together more than 100 representatives of government departments and business circles of Uzbekistan. The delegation also attended the exhibition of national products ‘Made in Uzbekistan.’

During the visit, the representative of Uzbekneftegaz JSC negotiated with Sudhir Sharma, Director (Exploration) of ONGC Videsh Limited. The sides discussed prospects for the development of bilateral cooperation in the field of exploration in the investment blocks of the Republic of Uzbekistan, as well as abroad.

Following the negotiations, the parties decided to sign the Cooperation Agreement and the Confidentiality Agreement, providing for joint preparation of specific cooperation proposals within 4 months by exchanging information on investment blocks of the Republic of Uzbekistan and studying it in detail using modern software products and the experience of ONGC Videsh Limited.

ONGC Videsh Limited was founded in 1965 and is a subsidiary and foreign division of Oil and Natural Gas Corporation.

ONGC is the largest transnational company in the country and controlled by the state through the Ministry of Petroleum and Natural Gas of India. It is the country’s major oil and gas exploration company. It produces about 72% of oil and about 62% of natural gas in India. The company’s net income (following the year of 2017) amounted to USD 2.8 billion.

ONGC Videsh Limited has experience of working with international companies including Schlumberger, Halliburton, Petrobras, Norsk, ENI, and Shell.

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