ONGC Videsh, Oil India Ltd., and KABIL sign MOU with UAE's IRH to strengthen global critical mineral supply chain
Sep 11, 2024
New Delhi [India], September 11 : ONGC Videsh, a Schedule "A" Navaratna Central Public Sector Enterprise, along with Oil India Ltd. (OIL) and Khanij Bidesh India Ltd. (KABIL), has signed a Memorandum of Understanding (MOU) with UAE-based International Resources Holding RSC Ltd. (IRH).
According to ONGC, the agreement focuses on a global collaboration to strengthen the supply chain for critical minerals, which are vital for energy and manufacturing sectors.
The MOU sets out a framework for identifying, acquiring, and developing critical mineral projects both globally and within India.
The primary aim is to leverage the combined expertise, resources, and networks of all parties to secure a stable and reliable supply of these essential minerals. Through this cooperation, the parties intend to pursue mutually beneficial opportunities, achieve operational excellence, and ensure long-term access to critical energy minerals.
This partnership will adopt a cooperative and coordinated approach, focusing on several key areas including project identification, joint due diligence, risk management, and developing a long-term offtake strategy. The collaboration is expected to open new avenues for securing India's energy needs and advancing the nation's efforts to bolster its mineral resource base.
ONGC Videsh Ltd., a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), is India's largest international Oil and Gas Exploration and Production (E&P) company.
With operations in 15 countries and managing 32 assets globally, ONGC Videsh plays a significant role in the country's energy security. During FY'24, ONGC Videsh produced 10.518 million metric tonnes of oil and oil equivalent gas (O+OEG) and currently has a daily output of approximately 200,000 barrels of O+OEG. As of 1 April 2024, ONGC Videsh holds total oil and gas reserves of about 476 million metric tonnes of oil equivalent (MMtoe), while its parent company ONGC possesses reserves of 704 MMtoe.
