OVL signs pact with Turkish oil firm TPAO

ONGC Videsh Ltd (OVL), the overseas arm of state explorer Oil and Natural Gas Corp. Ltd (ONGC), has inked an agreement with Turkish petroleum firm TPAO for jointly bidding for oil assets in other countries. OVL managing director S.P. Garg and Turkish Petroleum Corp. president and CEO Besim Sisman signed the memorandum of understanding (MoU) on the sidelines of World Petroleum Congress in Moscow, the company said in a note.

’The MoU envisages the two national oil companies working together for exploration and production (E&P) activities in Turkey, joint participation in bidding for opportunities including exploration bid rounds in third countries and pursuit of hydrocarbon area related research and development activities. ONGC Videsh and TPAO are consortium partners in the Azeri-Chirag-Guneshli (ACG) oil field in Azerbaijan and Baku-Tbilisi-Ceyhan (BTC) pipeline from Azerbaijan to Turkey via Georgia. The MoU was signed in presence of H Murat Mercan, deputy minister for energy and natural resources, Republic of Turkey. OVL currently has 33 projects in 16 countries. It produces about 170,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves of 637 million tonne oil equivalent .

(bloomberg)

Bakudaily.az