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16.10.2004 Business & Finance

India to cooperate with Ghana in oil exploration:

By Indo-Asian News Service

New Delhi, Oct 15 : Indian state-owned exploration major ONGC Videsh Limited (OVL) has entered into an agreement with Ghana National Petroleum Corporation (GNPC) to study cooperation prospects with the West African nation.

The two companies have entered into a Memorandum of Understanding (MoU), an official release said here Friday.

"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 state-owned GNPC," the release said.

OVL is the overseas investment arm of energy major Oil and Natural Gas Corporation (ONGC), which has been taking a lead in acquiring equity oil and stake in explorations fields overseas to help secure assured supplies for import dependent India.

"The purpose of this agreement was the desire by GNPC to leverage on OVL's significant competence and know-how in exploration and production activities, as well as lay down the principles for future co-operation," said GNPC board chairman S. Sekyere Abankwa in a statement.

"We welcome the partnership with GNPC to secure mutual benefits in oil and gas business," said ONGC chairman Subir Raha.

The enhanced bilateral cooperation in exploration and production activities could see training of GNPC staff in India, the official statement said.

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