New Delhi: Maharatna Oil PSU ONGC on Wednesday announced on its Twitter handle that the PSU has signed an MoU with leading French research and training organisation, IFPEN for exploration and development of India’s hydrocarbon reserves through joint research and development, tech transfer, and capacity building.

Further, the company also noted that the MoU was signed by Sushma Rawat, Director (Exploration), and Pierre-Franck Chevet, Chairman and CEO of IFPEN on the sidelines of the India-France Business Summit, commemorating 25 years of India-France Friendship.

ONGC said that it is committed to innovating and driving growth in the energy sector including renewables and the company believes that this MoU will steer the process of research and development. As per the website, ONGC's ongoing upstream exploratory efforts are an important segment of its core E&P Business in India with the responsibility of finding and accreting oil and gas reserves. It has three facets of hydrocarbon exploration activities viz Deep Water, Shallow Water, and Onshore exploration activities.

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