The Memorandum of Understanding (MoU), signed here on January 24, ‘provides for cooperation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries’, a company statement said here.

ONGC and Mitsui had signed a MoU for cooperation in gas and liquefied natural gas (LNG) business in August 2012.

Later in March 2013, Mitsui had entered into another MoU with ONGC, Bharat Petroleum Corp and New Mangalore Port Trust to explore setting up a five million ton LNG import terminal at Mangalore in Karnataka.

ONGC and Mitsui are also partners in a giant Mozambique gas field, where the Indian explorer's overseas arm, ONGC Videsh Ltd, has picked up a 16 percent stake for about USD 4.3 billion.
Mitsui is the second-biggest stakeholder in the Rovuma-1 field in the waters off the African nation with a 20 percent interest. The field holds 35 to 65 trillion cubic feet of gas reserves which are planned to be converted into liquid gas (LNG) for export to nations such as India.
First gas from the fields, where state-owned Oil India Ltd has a 4 percent interest and a unit of Bharat Petroleum another 10 percent, is planned for 2018.
ONGC is hoping that together with Mitsui, the share of gas that can come to India will rise to 50 percent of the 34 million tons per annum of LNG production planned from the fields. This LNG can be brought to the planned Mangalore terminal.


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