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ONGC’s overseas arm inks MoU with MICSE

10 Dec 2013 Evaluate

Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary- ONGC Videsh has signed Memorandum of Understanding (MoU) with the Co-ordinating Ministry for Strategic Sectors (MICSE) of the Republic of Ecuador on December 9, 2013 in New Delhi.

ONGC Videsh has been evaluating E&P opportunities in Ecuador for last one year. Latin America is a focus area for ONGC Videsh. It already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30% of oil production of ONGC Videsh.

The MOU provides that MICSE would make available to ONGC Videsh information regarding oil and gas projects in Ecuador, which ONGC Videsh would evaluate to identify the project(s) of its interest and could propose participation in such project(s) through specific definitive agreements. Ecuador is an oil producing and exporting country, a member of OPEC and has a daily production of about 500,000 barrels of crude oil.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

ONGC Share Price

279.25 -4.70 (-1.66%)
08-May-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 279.25
Oil India 454.40
Jindal Drilling&Inds 535.85
Deep Industries 457.70
Asian Energy Service 297.85
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