New Delhi: Oil and Natural Gas Corporation Limited (ONGC) has signed an MoU with global petroleum giant Shell for cooperation in carbon capture, utilization and storage (CCUS) studies. The collaboration shall focus on a joint CO2 storage study and EOR screening assessment for key basins in India including depleted oil and gas fields, saline aquifers.

ONGC, a Maharatna Central Public Sector Company of India, and Shell, one of the most diversified international energy companies in India, signed this MoU in Delhi on Wednesday.

The MoU has been signed by ONGC CMD RK Srivastava and Shell India's CEO Nitin Prasad in the presence of senior executives of both the companies. The MoU is aimed at developing CCUS/CCS as an emissions mitigation tool for combating climate change and injecting carbon dioxide (CO2) for geological storage as well as enhanced oil production from mature fields of ONGC.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)