ONGC IndianOil tie up for Exploration, Marketing
New Delhi   13-Dec-2008
Public sector oil companies Oil & Natural Gas Corp and IndianOil have decided to co-operate in fuel marketing and exploration and production (E&P) activities. According to a memorandum of understanding signed by the two companies, ONGC, the domestic exploration major, will help IndianOil in undertaking exploration works. The refining and marketing giant will help ONGC to market its aviation turbine fuel. In addition, the two companies will jointly forge strategies for marketing of natural gas produced by ONGC. The scope of agreement also includes finalization of the crude oil supply agreement between the two companies and supply of high-speed diesel by IndianOil to ONGC for meeting its operational requirements. "The collaborative efforts of two companies have already shown results in the Farsi Block in Iran, which is expected to hold an approximately 14 trillion cubic feet of recoverable gas reserves," ONGC Chairman & Managing Director Mr. R S Sharma said.