Oil India (OIL) and Indian Oil Corporation (IOC) have entered into a memorandum of understanding (MoU) with Russian national oil company Rosneft for cooperation in geologic survey, exploration and production of hydrocarbons in select onshore areas in Russia.
The MoU document lays the foundation for a long-term partnership between IndianOil, OIL and Rosneft. As a first step, the parties have agreed to examine the possibility of cooperation in respect of the Taas-Yuryakh Neftegazodobycha LLC asset.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company, while IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
