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ONGC Videsh Sign MoU With YPF SA

Oil & Natural Gas Corporation Ltd. said its wholly-owned subsidiary ONGC Videsh Ltd. and YPF S.A., the major oil producing company of Argentina, had entered into a Memorandum of Understanding (MoU) to cooperate in the hydrocarbon sector.

Under the MoU terms, the two companies will analyze the opportunities for cooperation in upstream sector in Argentina, India and other countries. The MoU also envisages collaboration in the areas of research and development and human resources.

Argentina is an important oil and gas producing country in Latin America. It also has excellent potential for unconventional oil and Gas (tight/shale), particularly in the Neuquen Basin.

YPF SA, a 51 percent majority-owned entity of the Government of Argentina is an integrated energy company. It is the main oil producer in Argentina, with more than 41 percent share of oil and gas. It employs 45,000 people direct and indirectly.

At the BSE, Oil and Natural Gas Corporation closed Wednesday's trading at Rs.438.00, down 1.48 percent from the previous close.

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