ONGC signs MOU with Ecuador

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has signed a Memorandum of Understanding (MOU) to evaluate E&P opportunities in Ecuador on 9th December 2013 in New Delhi.
ONGC Videsh has been assessing E&P opportunities in Ecuador for last one year.
Latin America is a focus area for ONGC Videsh. It already has a presence in Brazil, Venezuela and Colombia. These countries contribute about 30% of ONGC’s oil output.
According to the pact, MICSE would make available information to Videsh ONGC regarding oil and gas projects in Ecuador, which ONGC Videsh would evaluate to identify the project(s) of its interest and could propose participation in such project(s) through specific definitive agreements.
Ecuador is an oil producing and exporting country, a member of OPEC and has a daily production of about 500,000 barrels of crude oil.

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