ONGC Videsh (OVL) has inked an MoU with TPAO, a Turkish petroleum firm, to jointly bid for oil assets in other countries.
The MoU envisages the two companies working together for exploration and production activities in Turkey; joint participation in bidding for opportunities including exploration bid rounds in third countries; and pursuit of hydrocarbon area-related research and development activities.
However, OVL and TPAO are consortium partners in the Azeri-Chirag-Guneshli (ACG) oil field in Azerbaijan and Baku-Tbilisi-Ceyhan (BTC) pipeline from Azerbaijan to Turkey via Georgia.
At present, OVL has 33 projects in 16 countries. It produces about 1,70,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves of 637 million tonne oil equivalent.