Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MoU) with Iceland GeoSurvey (ISOR), taking a significant step towards the exploration and development of geothermal energy in India.
This collaborative agreement between ONGC and ISOR aligns with the formation of a Task Force during the India-Nordic Summit held in 2022 in Copenhagen. The governments of India and Iceland initiated this Task Force with the purpose of exploring and developing geothermal energy resources in India. The MoU acts as a comprehensive framework for cooperation, facilitating joint efforts in the exploration and development of geothermal energy at mutually agreed-upon locations within India.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
