ONGC unit, YPF SA sign MOU for enhanced energy cooperation

The partnership will cover the development of upstream oil and gas opportunities.

ONGC Videsh, a wholly-owned subsidiary and overseas unit of India’s national oil firm Oil and Natural Gas Corporation signed a memorandum of understanding with YPF SA, Argentina for an enhanced cooperation in the energy sector.

In a statement, ONGC said the cooperation includes but is not limited to the areas of exploration and development of upstream oil and gas opportunities, promotion of investment, and forging closer ties between research and training centres.

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ONGC Videsh holds a state in 32 oil and gas project in 15 countries covering projects in various phases such as exploration, development, producing and pipeline, amongst others.

Meanwhile, YPF SA, which is 51% owned by the Argentine government and 49% listed in the New Yor and Buenos Aires stock exchanges, is engaged in oil and gas exploration and production.