ONGC and Indian Oil Corporation Ltd. (IOC) signed a Memorandum of Understanding at New Delhi on December 10, 2008 for mutual cooperation in the fields of oil and gas exploration, production and marketing.
The umbrella understanding , which also includes finalization of the long-pending Crude Oil Supply Agreement (COSA), will facilitate development of mutually beneficial agreements in the identified areas of cooperation and provide a platform to resolve commercial issues between the two.
Speaking on the occasion R S Sharma, CMD, ONGC said, "It is indeed a momentous day for two giant organizations to leverage their synergies, culminating today in the form of a MOU. Joining and alliance with Indian Oil is a matter of pride for us. We need to see that the generic aspects get translated into more definitive agreements."
Underlining the importance of joint efforts, Sharma added "E&P is highly capital and risk intensive. Our collaborative efforts paid off in the Farsi Block indicating an in place reserves of 14 TCF of Gas. It is therefore incumbent that we work together more intensely."
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