Oil India, the second biggest state-run explorer in the country, has entered into memorandum of understanding (MoU) with Russia’s Gazprom for joint pursuit of exploration opportunities across the globe. As per the agreement, both the entities will jointly participate in upstream oil and gas exploration and production opportunities in different parts of the world as well as collaborate on LNG. The MoU also provides an option to the companies for technological association. Any area or project of common interest would also be covered under the purview of MoU.
Gazprom is the only producer and exporter of liquefied natural gas (LNG) in Russia. Gazprom EP International BV (Gazprom International) is its foreign exploration and production projects operator and currently has assets in 10 countries.
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