Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company. The MoU was inked on 26 April 2022 in Indian capital New Delhi for collaboration and partnership in areas of upstream Exploration & Production, midstream, downstream and Clean energy options, including Carbon Capture Utilization & 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 the occasion.
As per the agreement, both ONGC and Equinor will collaborate with each other 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.
Shares of Oil & Natural Gas Corporation Limited was last trading in BSE at Rs. 165.00 as compared to the previous close of Rs. 167.10. The total number of shares traded during the day was 2030155 in over 7657 trades.
The stock hit an intraday high of Rs. 168.95 and intraday low of 163.35. The net turnover during the day was Rs. 334598254.00.