ONGC joins hands with Norway's Equinor to collaborate in E-;P

28 Apr 2022 , 11:15 AM

Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with the Norwegian state-owned multinational energy company, Equinor ASA.

The MoU was inked on April 26, 2022, in New Delhi for collaboration and partnership in areas of upstream Exploration & Production, midstream, downstream, and clean energy options, including Carbon Capture Utilization & Sequestration (CCUS).

Equinor is a leading operator on the Norwegian continental shelf marking its presence in around 30 countries globally.

This MoU was signed in the presence of a high-level designation of Norway in India. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, Norwegian Foreign Minister Anniken Huitfeldt, ONGC CMD Dr. Alka Mittal, and Executive Vice President of Equinor Irene Rummelhoff were also present on the occasion.

As per the agreement, both ONGC and Equinor will unite with each other in the field of upstream oil and gas, marketing and trading, midstream, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilization and Sequestration (CCUS) opportunities in India.

This MoU is valid for a period of two years under which both companies will work together in identified areas.

ONGC is currently trading at Rs163.80 down by Rs1.2 or 0.73% from its previous closing of Rs165 on the BSE. The scrip opened at Rs166.15 and has touched intraday high and low of Rs166.15 and Rs163.50 respectively.