Oil & Natural Gas Corporation Ltd.

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ONGC’s overseas arm signs Memorandum of Understanding with YPF SA

Date: 03-09-2014

Oil and Natural Gas Corporation’s (ONGC) - overseas arm - ONGC Videsh (OVL) and YPF SA, the major oil producing company of Argentina have entered into a Memorandum of Understanding (MOU) on September 01, 2014 to cooperate in the hydrocarbon sector.

Under the MOU, the two companies will analyse the opportunities for cooperation in upstream sector in Argentina, India and third countries. The MOU also envisages collaboration in the areas of research & development and human resources. Argentina is an important oil and gas producing country in Latin America. It also has excellent potential for unconventional oil and gas (tight/shale), particularly in the Neuquen Basin.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. 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.