Oil and Natural Gas Corporation’s (ONGC) - overseas arm - ONGC Videsh (OVL) has entered into a Memorandum of Understanding (MOU) with Turkish Petroleum Corporation (TPAO) on the sidelines of World Petroleum Congress (WPC) 2014 at Moscow. The MOU paves the way for joint cooperation between two National Oil Companies in the hydrocarbon sector. The MOU envisages two companies working together for E&P activities in Turkey, joint participation in bidding for opportunities including exploration bid rounds in third countries and pursuit of hydrocarbon area related research and development activities.
ONGC Videsh and TPAO are consortium partners in the Azeri-Chirag-Guneshli (ACG) project in Azerbaijan and Baku-Tbilisi-Ceyhan (BTC) pipeline from Azerbaijan to Turkey via Georgia.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
