New Delhi: GAIL (India) Limited has signed a Memorandum of Understanding (MoU) with ONGC Videsh Limited (OVL) to work together on oil and gas exploration projects in foreign countries.
The agreement was signed in New Delhi by Sanjay Agarwal, Executive Director (Business Development), GAIL in the presence of senior officials from both companies.
Focus on International Energy Projects
Under this agreement, the two public sector companies will jointly look for oil and gas assets in other countries. They plan to study and evaluate potential projects and explore ways to participate together through joint ventures.
The move comes as part of a larger effort to strengthen India’s energy security by increasing Indian companies’ presence in the global energy sector.
Collaboration Without Financial Commitment
The MoU does not involve any immediate financial investment. It will mainly allow both companies to share information and carry out joint research and analysis of possible projects. Any final decisions on investments will be taken separately by each company after approval.
Part of India’s Energy Security Strategy
India depends heavily on imported oil and gas. By exploring resources overseas, companies like GAIL and ONGC Videsh aim to reduce that dependency. ONGC Videsh already has operations in several countries, and GAIL’s experience in the gas sector could support these future projects.
This collaboration shows how Indian PSUs are trying to work together in international markets to secure stable energy supplies for the country.
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