MOU Inked Between ONGC & IPR for Commercial Alliance

Culminating nearly two years of high level meetings and negotiations, a Memorandum of Understanding was executed April 3, 2004, in New Delhi, India, between the Oil and Natural Gas Corporation Ltd. (ONGC) and IPR International, Ltd. (IPR), a member of the IPR Group of Companies based in Irving, Texas, USA. The purpose of the MOU, which grants IPR "Most Favored Client" status, enables ONGC access to IPR's technology for application in ONGC fields and work centers for value addition in different activities of the E&P sector. Such activities include recovery and production optimization and reservoir management, marginal field development, exploration in frontier basins, and a joint study centre for innovation and proprietary solutions.

The signing ceremony took place at the ONGC Hall in New Delhi between Mr. Y. Sinha, Director, Exploration, ONGC, and Mr. Darius Shahsavari, Sr. Vice President, Business Development and Technical Services, IPR, and was witnessed by ONGC's Chairman, Mr. Subir Raha. The signing ceremony was followed by a hospitality reception.