Oil & Natural Gas Corporation Ltd.

State-owned Oil and Natural Gas Corporation’s (ONGC), overseas arm ONGC Videsh (OVL) has signed an agreement for co-operation with the national oil company of Uzbekistan - Uzbekneftegaz (UNG).

As per the terms of memorandum of understanding (MoU), there will be formation of Joint Working Group consisting of experts from both the companies for identifying specific oil and gas fields in Uzbekistan and the areas in third countries for E&P activities through joint co-operation.

Recently, ONGC Videsh‘s oil and oil-equivalent gas output rose an annual 6.3% in the 2010/11 fiscal year. ONGC Videsh’s output in the last fiscal that ended in March rose to 9.433 million tonnes or 188,660 barrel per day (bpd), from 8.87 million tonnes or 177,400 bpd a year ago.

Uzbekistan has long been an important gas producer and in terms of global gas supply it is been ranked 13th.