ONGC Videsh, a Schedule “A” Navaratna Central Public Sector Enterprise, together with Oil India Ltd. (OIL) and Khanij Bidesh India Ltd. (KABIL), has signed a Memorandum of Understanding (MOU) with UAE-based International Resources Holding RSC Ltd. (IRH), reported ANI.
The agreement centers on global collaboration to enhance the supply chain for critical minerals essential to the energy and manufacturing sectors.
The MOU outlines a framework for identifying, acquiring, and developing critical mineral projects both globally and within India.
As per media report, the main goal is to leverage the combined expertise, resources, and networks of all parties to ensure a stable and reliable supply of these crucial minerals. The partnership aims to pursue mutually beneficial opportunities, achieve operational excellence, and secure long-term access to essential energy minerals.
This collaboration will employ a cooperative and coordinated approach, focusing on key areas such as project identification, joint due diligence, risk management, and developing a long-term offtake strategy. The partnership is anticipated to create new opportunities for securing India’s energy needs and advancing the nation’s efforts to strengthen its mineral resource base.
ONGC Videsh Ltd., a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), is India’s largest international Oil and Gas Exploration and Production (E&P) company.
Operating in 15 countries and managing 32 assets globally, ONGC Videsh is crucial to India’s energy security. In FY’24, ONGC Videsh produced 10.518 million metric tonnes of oil and oil equivalent gas (O+OEG) and currently has a daily output of around 200,000 barrels of O+OEG. As of April 1, 2024, ONGC Videsh holds approximately 476 million metric tonnes of oil equivalent (MMtoe) in reserves, while its parent company ONGC has reserves totaling 704 MMtoe. (ANI)
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