India, Angola agree for cooperation in hydrocarbon sector

January 27th, 2010 - 8:32 pm ICT by ANI  

Luanda (Angola), Jan 27(ANI): India and Angola on Wednesday said that the two countries will enter into Memorandum of Understanding (MoU) to provide an overarching framework for cooperation in the hydrocarbon sector.

The Angolan side has agreed to provide a draft of the Memorandum within a month.

This was decided in a meeting between visiting Indian Petroleum and Natural Gas Minister Murli Deora and Angola’s Petroleum Minister Angola Jose Maria Botelho de Vasconeles in Luanda.

The two Ministers leading high-level delegations had wide ranging talks in the areas of exploration and production, natural gas operations, refinery construction and upgradation, training and consultancy.

During the meeting a MoU was signed between ONGC Videsh Ltd. (OVL) and the National Oil Company of Angola namely, Sonangol, for cooperation in the exploration sector.

OVL, which is partnering Sonangol in their South Pars acreage in Iran, offered to enter joint venture operations in the existing deep-water blocks of Sonangol.

The Indian company has offered to participate in the next round of bidding for exploration blocks in Angola with Sonangol.

Meanwhile, GAIL expressed its desire to enter into a MoU with their counterparts to take forward cooperations in the areas of natural gas operations.

The company further evinced its interest in participating in the next LNG train project of Angola besides procuring LNG from the African nation.

The Indian gas company offered to train the Angolan personnel in the gas technology fields like transmission, distribution and city gas projects.

The Indian Oil Corporation offered its assistance in operations and upgrdation of existing refineries besides providing operation and maintenance support to the petroleum pipelines in Angola.

Angolan side conveyed their interest in the possibility of IOC’s assistance in construction of new refineries in Angola. Both sides also assured to respond to the proposals for cooperation expeditiously. (ANI)

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