ONGC, IOC sign MOU

India’s Oil and Natural Gas Corporation Ltd. (ONGC) and Indian Oil Corporation Ltd. (IOC) have inked a memorandum of understanding (MOU) in the fields of oil and gas exploration, production and marketing, ensuring the development of mutually beneficial agreements and the resolution of commercial issues. The agreement envisages ONGC supporting IOC in exploration under the New Exploration Licensing Policy (NELP), while IOC will extend support to ONGC for marketing its aviation turbine fuel. The two companies will jointly forge strategies for marketing of natural gas produced by ONGC. The MOU also incorporates IOC supplying diesel fuel to ONGC for meeting the latter’s operational requirements and includes finalization of the long-pending crude oil supply agreement (COSA). (December 13, 2008)