The parties aim to leverage their expertise, resources, and networks to pursue mutually beneficial opportunities, achieve operational excellence, and secure a stable supply of critical energy minerals. The MOU outlines a cooperative and coordinated approach, focusing on project identification, joint due diligence, risk management, and developing a long-term offtake strategy.

ONGC Videsh Ltd., a wholly owned subsidiary of ONGC, the flagship NOC of India, is engaged in overseas E&P operations and is India’s largest international Oil and Gas E&P company having 32 Assets in 15 countries. ONGC Videsh’s production of Oil and Oil Equivalent Gas (O+OEG) during FY’24 was 10.518 MMtoe and is currently producing about 200,000 barrels of O+OEG per day. ONGC Videsh has total O&G reserves (2P) of about 476 MMtoe whereas its parent, ONGC has 2P reserves of 704 MMtoe as on 1 April 2024.

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This GIFT city entity will function as the Global Treasury Centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. Given the business-friendly regulatory environment in GIFT City, OOIL expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 Million Metric Tonnes Oil & Oil equivalent (MMToe) by 2040 from overseas assets.

Incorporation of wholly owned subsidiary of OVL Overseas IFSC Ltd. (OOIL) in GIFT City, Gujarat. Seen inset during the inaugural. Sitting in the center on the Left Secretary Petroleum, MoPNG, Shri Pankaj Jain and on the right Chairperson IFSCA, Shri K Rajaraman , Chairman ONGC, Shri Arun Kumar Singh, Managing Director OVL, Shri Rajarshi Gupta and Director Finance OVL ,Shri Anupam Agarwal are seen during the deliberations

With India’s first International Financial Services Centre at GIFT City now operational, it will give option to Indian and overseas multinationals to shift their overseas investments onshore. OOIL will, thus, act as ONGC Group’s gateway to the world for its overseas ventures and investments.

Secretary Petroleum, MoPNG, Shri Pankaj Jain inaugurating the Global Treasury Center at GIFT City, Gandhinagar. Seen joining him on the occasion the Chairperson IFSCA, Shri K Rajaraman. MD-OVL lighting the ceremonial lamp on the occasion.

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