ONGC of India and Japanese conglomerate Mitsui signed a memorandum of understanding (MoU) on Friday in New Delhi.
The MoU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.
The agreement was signed by Masami Iijima, President and CEO of Mitsui & Co and Sudhir Vasudeva, CMD, ONGC.
In August 2012, ONGC and Mitsui had entered into a MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of an LNG terminal at Mangalore.
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