New Delhi: ONGC Videsh Limited (OVL), on February 7, has signed a memorandum of understanding (MoU) with YPF SA, Argentina on the sidelines of the maiden India Energy Week 2023 being held in Bangalore under the patronage of the Ministry of Petroleum & Natural Gas (MoPNG). OVL is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC) and is India's largest upstream international oil and gas company.
The MoU seeks to enhance cooperation between the two companies in the energy sector, including but not limited to cooperation in the areas of exploration and development of upstream oil and gas opportunities, promote investment and cooperation, and forging closer ties between research and training centres.
YPF S.A. is Argentina's largest integrated energy company, 51 percent owned by the Argentine Government and 49 percent listed in the New York and Buenos Aires stock exchanges. YPF is engaged in oil and gas exploration and production, being the largest shale operator outside of the United States of America, and is also involved in transportation, refining and marketing of natural gas and petroleum products.
OVL currently has a stake in 32 oil & gas projects in 15 countries, spanning projects in various phases like exploration, development, producing, pipeline etc.
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