Wednesday, 18 May, 2011
ONGC Videsh limited (OVL) entered in to a Memorandum of Understanding (MOU) with Uzbekneftegaz (UNG), the National Oil Company of Uzbekistan for Joint Cooperation in the Upstream E&P sector of Uzbekistan as well as third countries.
The MOU was signed on 17th May, 2011 by Satpal Garg, Director (Finance) of OVL and Shokir Faizullayev,
Chairman, Uzbekneftegaz in the presence of Rustam Azimov, First Deputy Prime Minister, Minister of Finance of Uzbekistan.
Uzbekistan has long been an important gas producer and ranks 13th in terms of global gas supply. The MOU provides for the formation of Joint Working Group consisting of experts from both the companies for identifying specific oil & gas fields in Uzbekistan and the areas in third countries for E&P activities through Joint Cooperation.