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High-level ONGC Team visits Norway for collaboration with Equinor ASA

A high-level delegation of ONGC visited Norway during 9-12 August 2022 to provide a concrete shape to the ideas broadly covered in the MoU signed with Equinor ASA recently for collaboration in the areas of upstream E&P, midstream, downstream and clean energy options, including CCS/CCUS.

ONGC Team, led Director (Exploration) RK Srivastava, visiting Norway ONGC Team, led Director (Exploration) RK Srivastava, visiting Norway

The ONGC Team was led by Director (Exploration) RK Srivastava, while the Equinor team was led by Executive Vice President & Board Member Irene Rommelhoff. CMD ONGC Dr Alka Mittal and MD-ONGC Videsh Ltd. Rajarshi Gupta also joined the steering committee meeting through VC. Equinor ASA had invited ONGC for a formal kick-off of the MoU, along with participation in the steering committee meeting, workshops and site visits in Stavanger & Bergen.

The executive meetings covered presentations & discussions on the E&P portfolio, IOR/EOR with recovery enhancement in producing & mature fields/reservoir, CCS Value Chain and Northern Lights project, followed by avenues in marketing and trading, considering a strategic partnership in LNG, LPG, Crude trading & Ammonia value chain wherever feasible.

ONGC Team visits Northern Lights Terminal at Øygarden ONGC Team visits Northern Lights Terminal at Øygarden

In the following days, the ONGC team also visited the Northern Lights Terminal at Øygarden, a unique project and only one of its kind in the world on CCS. Furthermore, the team had a fruitful discussion and presentation on the Hywind Tampen project on offshore wind in one of Equinor’s North Sea operational area. The team also visited Onshore Control Centre in Equinor’s Bergen Office.

The meetings and engagements covered Upstream with detailed scoping and planning exercises, especially on unexploited Indian basins beside similar opportunities globally through ONGC Videsh, midstream with opportunities on the gas side, especially LNG and strategic cooperation in the areas of mutual interest. Discussions also took place with due diligence on Energy Transition opportunities, offshore wind ideas/prospects and CCS/CCUS opportunities in India and abroad.

Executives of ONGC and Equinor exchanging gifts Executives of ONGC and Equinor exchanging gifts

The entire engagement was fruitful and informative. Equinor’s Team with the ONGC Team discussed all aspects, including the methodology of partnership, collaboration and mutually feasible business models. Both the companies agreed to build up their relationship based on the camaraderie developed between the energy majors who are government-owned & aligned with each other’s perspectives and expectations.

Earlier on 26 April 2022, ONGC CMD Dr Mittal and Equinor’s Executive Vice President Irene Rommelhoff entered the MoU in the presence of Hon’ble Union Minister of Petroleum and Natural Gas & Housing and Urban Affairs, Hardeep Singh Puri and Norwegian Foreign Minister Anniken Huitfeldt during the Norwegian delegation’s visit to India.

Executives of ONGC and Equinor exchanging the MoU in April Executives of ONGC and Equinor exchanging the MoU in April