Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company. The MoU was inked on 26 April 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 the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
The MoU was signed during the visit of a high-level delegation of Norway to India. Union Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri, Norwegian Foreign Minister Ms Anniken Huitfeldt, ONGC CMD Dr Alka Mittal and Executive Vice President of Equinor Ms Irene Rummelhoff were present on the occasion.
As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing and trading, 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.
The MoU is valid for two years under which both companies have agreed to work together in the areas identified.