MUMBAI, Jan. 20 -- Royal Dutch Shell PLC and Oil & Natural Gas Corp. of India have signed a memorandum of understanding (MOU) covering upstream and downstream projects, mostly in India.
The agreement covers exploration and production of hydrocarbons and distribution of natural gas and oil products. It will also look into refining, petrochemicals, and coal gasification.
While giving Shell greater access to Indian projects, the MOU will allow ONGC more opportunities outside the country. There will be a joint steering committee to manage cooperation and identify other investment opportunities.
The steering committee will look at opportunities for raising production from existing fields and jointly bidding in future exploration rounds.
Downstream, the committee could recommend a long-term oil products supply arrangement and joint operation of terminals and depots.