Coal News We love to talk!
Oil and Natural Gas Corp (ONGC) and China National Petroleum Corp (CNPC) will renew a co-operation pact in areas such as exploration, an Indian oil ministry official said.
The energy-hungry Asian nations - widely blamed for a record rise in oil prices - usually compete for stakes in foreign oil and gas projects to secure supplies.
“Although we are rivals, the interests of India and China converge when it comes to hydrocarbons. With ONGC, they (CNPC) will sign an MoU (Memorandum of Understanding),” the official told reporters on Monday.
He said the agreement, to be signed on Tuesday, would be a renewal of a two-year-old pact between the companies.
It comes after officials of CNPC met India's oil minister Jaipal Reddy and officials from ONGC's overseas investment arm ONGC Videsh, refiner Indian Oil Corp and gas utility GAIL (India) Ltd.
Chinese and Indian oil firms are already working together on schemes in Syria and Sudan as the two nations seek reserves to feed their large economies, which require ever-increasing supplies of imported oil.
- Gas pricing: Reliance Industries not to withdraw arbitration notice Read more
- India grants 1-year extension to Iranian ship insurers Read more
- Renewables to overtake Indias oil output in 2035: BP Energy Outlook Read more
- Cairn, ONGC and Tata Petro spar over cess, royalty Read more
- Power generation resumes at NTPC Read more
- Bharat Petroleum second quarter net profit jumps 26 per cent on higher crude throughput Read more
- 46 oil, gas fields up for global bidding on simpler terms Read more
- ONGC mulls OMPL-MRPL merger Read more
- Hindustan Petroleum to upgrade units using Honeywell technology Read more
- Cairn India cuts 250 jobs as price fall dents profits Read more