State-run ONGC on Wednesday said its subsidiary ONGC Videsh (OVL) along with Oil India (OIL) and Khanij Bidesh India (KABIL) have signed a memorandum of understanding (MoU) with UAE-based International Resources Holding to identify, acquire, and develop critical mineral projects worldwide, including in India.
“The parties aim to leverage their expertise, resources, and networks to pursue mutually beneficial opportunities, achieve operational excellence, and secure a stable supply of critical energy minerals,” ONGC said.
The MoU outlines a cooperative and coordinated approach, focusing on project identification, joint due diligence, risk management, and developing a long-term offtake strategy, it added.
OVL is engaged in overseas exploration and production (E&P) operations and is India’s largest international oil and gas E&P company with 32 assets in 15 countries.
OVL is currently producing about 200,000 barrels of oil and oil equivalent gas (O+OEG) per day.
ONGC Videsh has O&G reserves (2P) of about 476 million tonnes of oil equivalent (Mtoe), while its parent, ONGC, has 2P reserves of 704 Mtoe as on April 1, 2024.