"ONGC Videsh, Oil India, Khanij Bidesh India Sign MoU with UAE Firm for Critical Mineral Projects"

ONGC announced recently that its subsidiary, ONGC Videsh (OVL), alongside Oil India (OIL) and Khanij Bidesh India (KABIL), has signed a memorandum of understanding (MoU) with UAE-based International Resources Holding. The agreement aims to identify, acquire, and develop critical mineral projects globally, including in India.

The MoU outlines a collaborative approach to leverage the expertise, resources, and networks of the parties involved. It focuses on project identification, joint due diligence, risk management, and developing a long-term strategy for securing critical energy minerals.

ONGC Videsh, India’s largest international oil and gas exploration and production (E&P) company, operates 32 assets in 15 countries and is currently producing approximately 200,000 barrels of oil and oil equivalent gas (O+OEG) per day. As of April 1, 2024, ONGC Videsh has 476 million tonnes of oil equivalent (Mtoe) in 2P reserves, while its parent company, ONGC, holds 704 Mtoe in 2P reserves.

HBL