ONGC Videsh, along with Oil India (OIL) and Khanij Bidesh India (KABIL), has signed a Memorandum of Understanding (MoU) with International Resources Holding RSC (IRH) of the UAE. The agreement aims to foster collaboration on the identification, acquisition, and development of critical mineral projects globally, including in India.
This partnership is designed to leverage the collective expertise and resources of the involved parties to ensure a stable supply of critical energy minerals, crucial for various industries. The focus areas under the MoU include joint project identification, due diligence, risk management, and the development of a long-term offtake strategy to support global and domestic mineral needs.
ONGC Videsh, the international arm of Oil and Natural Gas Corporation (ONGC), is India’s largest international oil and gas exploration and production (E&P) company, with a presence in 15 countries and a portfolio of 32 assets. In the fiscal year 2024, ONGC Videsh produced 10.518 million metric tonnes of oil equivalent (MMtoe), with a daily output of 200,000 barrels of oil and oil equivalent gas (O+OEG). The company holds proven and probable reserves (2P) of about 476 MMtoe, while its parent company ONGC has reserves of 704 MMtoe as of April 2024.
This MoU underscores the importance of critical minerals in global energy security and the commitment of Indian and international entities to secure and develop sustainable sources of these essential resources.
