ONGC- Uranium Corp to jointly explore

New Delhi: Oil and Natural Gas Corporation Ltd (ONGC) has signed an MoU with Uranium Corporation of India Ltd (UCIL) for joint cooperation in uranium exploration and development.

The initiative is based on complementary expertise of the two public enterprises, a statement issued by ONGC said. The cross-fertilisation of ideas and technologies are bound to synergise the new endeavour of uranium prospecting and mining, the company said.

UCIL is actively exploring possibilities of acquiring properties and exploration licenses in several countries.

A Steering Committee will be formed immediately and will evolve a time bound programme, the statement said.

ONGC has already initiated the exercise of studying its well logs which have indicated trace presence of the mineral in some wells.