Exciting Collaboration for Critical Minerals!

On a remarkable Wednesday, state-run ONGC announced that its subsidiary ONGC Videsh (OVL) has teamed up with Oil India (OIL) and Khanij Bidesh India (KABIL). Together, they have signed a significant memorandum of understanding (MoU) with the UAE-based International Resources Holding.

Aiming for Global Impact

This partnership is set to identify, acquire, and develop critical mineral projects across the globe, including right here in India. The goal? To harness the expertise, resources, and extensive networks of all parties involved, fostering mutually beneficial opportunities and achieving operational excellence. Most importantly, they aim to secure a steady supply of essential energy minerals.

Strategic Approach Outlined

The MoU emphasizes a collaborative strategy among the firms, focusing on project identification, joint due diligence, risk management, and crafting a long-term offtake strategy. This structured approach is expected to pave the way for innovative solutions and growth in the sector.

OVL’s Impressive Footprint

ONGC Videsh is not just any player in the field; it’s India’s largest international oil and gas exploration and production (E&P) company, boasting 32 assets across 15 countries. Currently, OVL is making waves by producing approximately 200,000 barrels of oil and equivalent gas (O+OEG) daily.

Robust Reserves Ahead

In terms of reserves, ONGC Videsh holds around 476 million tonnes of oil equivalent (Mtoe), while its parent company, ONGC, has an impressive 704 Mtoe of 2P reserves as of April 1, 2024. This solid foundation positions them well to take on this new challenge in the ever-evolving energy mineral landscape.