ONGC Videsh and YPF of Argentina have entered into a Memorandum of Understanding (MOU) to cooperate in the hydrocarbon sector.
Under the MOU, the two companies will analyse the opportunities for cooperation in the upstream sector in Argentina, India and third countries. The MOU also envisages collaboration in the areas of research & development and human resources.
Argentina is an important oil and gas producing country in Latin America. It also has excellent potential for unconventional oil and gas (tight/shale), particularly in the Neuquén Basin.
Press Release, September 3, 2014; Image: YPF