According to the company’s website press release on February 10, 2023, ONGC Videsh Limited signed a Memorandum of Understanding (MoU) on 7 February 2023 with Yacimientos Petroliferos Fiscales, Sociedad Anonima (YPF SA), Argentina on the sidelines of the maiden India Energy Week 2023, held in Bangalore, under the patronage of the Ministry of Petroleum & Natural Gas Hardeep Singh Puri.
ONGC Videsh is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd (ONGC) the National Oil Company of India and is India’s largest upstream international oil and gas Company.
The MoU seeks to enhance cooperation between the two companies in the energy sector, including but not limited to cooperation in the areas of exploration and development of upstream oil and gas opportunities, promoting investment and cooperation, and forge closer ties between research and training centers.
YPF S.A. is Argentina’s largest integrated energy company, 51% owned by the Argentine Government and 49% listed in the New York and Buenos Aires stock exchanges. YPF is engaged in oil and gas exploration and production, being the largest shale operator outside of the United States of America, and is also involved in the transportation, refining, and marketing of natural gas and petroleum products.
ONGC Videsh currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases like exploration, development, production, pipeline, etc.
