Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation’s (ONGC) overseas arm -- ONGC Videsh (OVL) has signed a memorandum of understanding (MoU) with the Republic of Equatorial Guinea to cooperate in the hydrocarbon sector in the African country. The MoU provides the basis for a comprehensive cooperation in multiple areas of the energy sector, including offshore oil and gas exploration in Equatorial Guinea plus midstream and downstream projects. The MoU is considered the foundation for future discussions that will take place in the coming weeks between the both parties to reach further agreements.

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 with current market capitalization of about USD 31 billion. The Indian government holds a 68.94% stake in ONGC.