ONGC inks MoU with RIL to explore sharing infrastructure on East Coast

Posted By: Religare
Subscribe to GoodReturns

ONGC inks MoU with RIL to explore East Coast facility
State-owned, Oil and Natural Gas Corporation (ONGC) has inked a memorandum of understanding (MoU) with Reliance Industries Ltd (RIL), in a bid to explore the sharing infrastructural facility on the East Coast of the country, said the media report.

The companies intend to enter into a formal agreement after conducting a joint study that will be spread over the next nine months, said the media report.

Moreover, the scope of work under MoU includes working out the modalities for sharing infrastructure, identifying additional requirements as well as firming up commercial terms.

"It is a win-win situation not only for both the companies which are striving hard to accrete new reserves and put them on production at the quickest time but also for energy starved nation." ONGC, Chairman, Sudhir Vasudeva told media.

Under the agreement, ONGC has estimated that it will produce about six to nine million metric standard cubic meter per day of gas by mid-2017 from G-4, Krishna Godavari-DWN and D&E fields, added the media report.

Moreover, ONGC said that the MoU would not only minimise its initial capital expenditure but also expedite its field development.

Read more about: ongc, ril
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'