ONGC, OIL to jointly plan E&P. marketing
New Delhi   13-Dec-2008
State-owned oil companies, Oil & Natural Gas Corp {ONGC) and IndianOil, have decided to join hands to cooperate in fuel marketing and exploration and production (E&P) activities. The domestic E&P major ONGC will help IndianOil in undertaking exploration works while the oil marketing giant IndianOil will help ONGC to market its aviation turbine fuel (ATF). In addition, the two companies will jointly forge strategies for marketing of natural gas produced by ONGC. The scope of agreement also includes finalisation of the Crude Oil Supply Agreement {COSA) between the two companies and supply of high speed diesel (HSD) 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 (TCP) of recoverable gas reserves," ONGC chairman & managing director RS Sharma said.