Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company, for energy exploration and climate change mitigation options like Carbon Sequestration.
The MoU was inked on Wednesday (26 April) in New Delhi for collaboration and partnership in areas of upstream Exploration and Production, midstream, downstream and Clean energy options, including Carbon Capture Utilization and Sequestration (CCUS).
Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
The MoU was signed during the visit of a high-level delegation of Norway to India. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, Norwegian Foreign Minister Anniken Huitfeldt, ONGC CMD Dr Alka Mittal and Executive Vice President of Equinor Irene Rummelhoff were present on occasion.
As per the agreement, both ONGC and Equinor will collaborate in the field of upstream oil and gas, midstream, marketing and trading, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilization and Sequestration (CCUS) opportunities in India.
“The MoU is valid for two years under which both companies have agreed to work together in the areas identified,” the Ministry of Petroleum & Natural Gas said.