ONGC Videsh signs “Memorandum of Understanding” with The Republic of Equatorial Guinea

ONGC Videsh Limited (ONGC Videsh) and The Republic of Equatorial Guinea have entered into a ‘Memorandum of Understanding’ (MOU) on 20th January 2016 to cooperate in the upstream hydrocarbon sector in Equatorial Guinea. The MOU was signed by Mr Narendra K Verma, Managing Director & CEO, ONGC Videsh Limited on behalf of ONGC Videsh and H.E. Mr. Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy, on behalf of the Republic of Equatorial Guinea at New Delhi, India on the side-lines of the India-Africa Hydrocarbon Conference being held in Delhi.

Under the MOU, the State of Equatorial Guinea will cooperate with ONGC Videsh to explore the potential investment opportunities within the upstream hydrocarbons sector in Equatorial Guinea, as may be of interest to ONGC Videsh.

About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas E&P Company. At present, ONGC Videsh has participation in 36 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam.

ONGC Videsh’s oil and gas operations produced 8.87 million tonne of oil and oil equivalent gas (mmtoe) in 2014-15. As on 1st April 2015, ONGC Videsh has a total oil and gas 3P reserves of 647.485 mmtoe. ONGC Videsh’s overseas cumulative investment up to 31st March 2015 has crossed USD 23.77 billion. For more information visit:www.ongcvidesh.com.

About ONGC

ONGC Group, during the financial year ended 31st March 2015, had produced 58.34 mmtoe (approx. 1.2 mmboe per day); the Gross Revenue was INR 1,660 billion (US$ 26.50 billion) and total oil and gas reserves were 2,035 mmtoe as on 31st March 2015.  For more information visit: www.ongcindia.com.

About Equatorial Guinea

Equatorial Guinea is the third largest producer of oil in Sub-Saharan Africa in 2015. Production having peaked at 380,000 b/d in 2005 now stands at 278,000 b/d. Production comes from the offshore Niger Delta (Rio del Rey) and Douala basins, situated to the west and southwest of Bioko Island. Key developments include Alba, Zafiro and Ceiba and Okume. New developments such as Noble Energy’s Aseng field are offsetting some of the near-term decline. Gas production has remained steady at around 800 mmcfd since 2009. Equatorial Guinea has two main basins, Rio Del Rey and Douala both of which have established fields. Equatorial Guinea has been a home for leading oil companies like Exxon Mobil and Hess and is looking forward to Indian companies’ participation in its Hydrocarbon Sector.

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