ONGC Videsh signs MoU with Argentine oil and gas company YPF S.A.
Oil and Natural Gas Corporation (ONGC)’s fully-owned subsidiary ONGC Videsh has entered into a memorandum of understanding (MoU) with Argentine oil and gas company YPF S.A. to boost cooperation between the two firms in the energy sector.
The MoU was signed by the parties during the sidelines of the maiden India Energy Week 2023 held in Bangalore.
The MOU calls for cooperation between ONGC Videsh and YPF S.A. in the areas of opportunities for exploration and development of upstream oil and gas, investment and cooperation, and developing closer ties between research and training centres.
ONGC Videsh signs MoU with Argentine oil and gas company YPF S.A. Photo courtesy of ONGC Videsh.
YPF S.A. is 51% owned by the Argentine government and the remaining 49% is listed in the New York and Buenos Aires stock exchanges. It is involved in the exploration and production of oil and gas and is claimed to be among the largest shale operators outside of the US.
Besides, YPF S.A. is engaged in the transportation, refining, and marketing of petroleum products and natural gas.
ONGC Videsh, on the other hand, has stakes in 32 oil and gas projects across 15 countries, spanning projects in different phases such as exploration, development, production, pipelines, and others.