For Quick Alerts
For Daily Alerts

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

By Religare
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
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more