New Delhi [India], February 12 : ONGC Videsh signed a non-binding memorandum of understanding (MoU) with Petroleo Brasileiro SA on Wednesday. The MoU is aimed at assessing opportunities in the areas of upstream, marketing, decarbonization, and low-carbon solutions, among others.
The agreement is aligned with Petrobras' strategy to develop partnerships that allow for the sharing of risks and expertise, seeking to strengthen the company as an integrated energy enterprise and contributing to the success of a fair and responsible energy transition, ONGC Videsh said in a statement.
CEO of Brazilian energy major Petrobras Magda Chambriard along with Minister of Petroleum and Natural Gas Hardeep Singh Puri were present during the signing of the MoU.
ONGC Videsh Ltd, a wholly owned subsidiary of ONGC, is India's largest international oil and gas exploration and production (E&P) company having 32 assets in 15 countries.
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