ONGC Videsh (OVL) and Ecuador have signed a memorandum of understanding (MoU) for evaluating exploration and production (E&P) opportunities in oil-rich Ecuador. "Latin America is a focus area for ONGC Videsh. It already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30 percent of oil production of ONGC Videsh," the Miniratna company said in a statement. According to the MoU, information about...oil and gas projects in Ecuador would be made available to OVL to identify the projects of its interest and propose participation in such projects through specific definitive agreements.
Ecuador is an oil producing and exporting country, a member of OPEC and has a daily production of about 5,00,000 barrels of crude oil.
The MoU was signed between the Co-ordinating Ministry for Strategic Sectors (MICSE) of the Republic of Ecuador and ONGC Videsh Limited in New Delhi and was signed by minister Rafael Poveda Bonilla on behalf of MICSE and DK Sarraf, managing director & CEO, ONGC Videsh.
OVL has been evaluating E&P opportunities in Ecuador for last one year. OVL already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30 percent of oil production of ONGC Videsh, the statement said.
OVL, the overseas arm of ONGC, has been making its global foray in a big way and it has stake in 32 oil and gas projects in as many as 16 countries. Its primary business is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. In terms of reserves and production, OVL is the second largest petroleum company of India, next only to its parent ONGC.
Its overseas projects include Vietnam (2 projects), Russia (2 projects), Sudan (2 projects), South Sudan (2 projects), Iran (1 project), Iraq (1 project), Libya (1 project), Myanmar (2 projects), Syria (2 projects), Cuba (1 project), Brazil (2 projects), Nigeria (1 project), Colombia (8 projects), Venezuela (2 projects), Kazakhstan (1 project) and Azerbaijan (2 projects).