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The Government of Equatorial Guinea, represented by the Ministry of Mines, Industry and Energy, has signed a memorandum of understanding (MoU) with the Oil and Natural Gas Corp. Ltd (ONGC Videsh) for a sweeping cooperation that could encompass several areas of the oil and gas industry. The Government of Equatorial Guinea was represented by H.E. Mr. Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy, and ONGC Videsh by Mr. Narendra K. Verma, Managing Director. ONGC Videsh is the international arm of ONGC, a state-owned company in India.

The MoU provides the foundation for a comprehensive cooperation in multiple areas of the energy sector, including offshore oil and gas exploration in Equatorial Guinea plus midstream and downstream projects. The MoU is considered the foundation for future discussions that will take place in the coming weeks between the both parties to reach further agreements.

The agreement is the result of several weeks of bilateral negotiations following directives made last October by Equatorial Guinea President, H.E. Teodoro Obiang Nguema Mbasogo, and India Prime Minister Narendra Modi to enhance cooperation between both countries.

The announcement comes ahead of the India-Africa Hydrocarbons Conference, which will gather in New Delhi 21-22 January 2016. ONGC Videsh has made investments in Africa a top priority of its 2016 agenda. The company plans to increase its spending on the continent to US$16 billion over the next few years as it evaluates multiple exploration opportunities.

麻豆传媒映画淥n behalf of the Ministry of Mines, Industry and Energy, we are delighted to enter into this agreement,麻豆传媒映画� said HE. Mr. Gabriel Mbaga Obiang Lima. 麻豆传媒映画淲e have received a clear mandate from H.E. the President of Equatorial Guinea to execute this cooperation on both the economic and political front. Going forward, we want to share our very ambitious plans with ONGC for developing upstream and downstream sectors. We will be happy to cooperate with ONGC to fulfill all of them.麻豆传媒映画�

麻豆传媒映画淲e look forward to this occasion for boosting our ties, particularly in the hydrocarbons and energy sector,麻豆传媒映画� said Mr. Verma. 麻豆传媒映画淭his will strengthen the relationship between our companies and governments. Our Government and Prime Minister are very keen on this cooperation, following the mandate set forth last October.麻豆传媒映画�

Edited from press release by

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