ONGC Videsh Signs MoU with GNPC

ONGC Videsh Limited and Ghana National Petroleum Corporation have entered into a Memorandum of Understanding on October 14, 2004. The agreement covers a framework for study and evaluation of the area identified by OVL and scope to enter into exploration, development and production agreement with GNPC. The MoU also envisages enhancing bilateral cooperation in E&P activities, including training of GNPC staff in India.

'The purpose of this agreement was the desire by GNPC to leverage on OVL's significant competence and know-how in E&P activities, as well as lay down the principles for future co-operation,' said Mr. S Sekyere Abankwa, Board Chairman of GNPC.

'We welcome the partnership with Ghana National Petroleum Corporation to secure mutual benefits in Oil and Gas business,' said Mr. Subir Raha, Chairman of OVL.