Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation’s (ONGC) - overseas arm - ONGC Videsh (OVL) and Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, the National Oil Company of Mexico, have entered into a Memorandum of Understanding and Cooperation (MOU) on September 25, 2014 to cooperate in the hydrocarbon sector in Mexico.

Under the MOU, the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MOU also envisages cooperation in the fields of technology, human resources, research & development.

Mexico is the largest crude oil producing country in Latin America. It has excellent potential for both conventional and unconventional hydrocarbon. As a result of recent Energy Reforms in the country, the oil and gas sector is being opened for participation by foreign firms.