NEW DELHI: ONGC Videsh, along with Oil India Ltd. (OIL) and Khanij Bidesh India Ltd. (KABIL), has signed a Memorandum of Understanding (MoU) with International Resources Holding RSC Ltd. (IRH) of the UAE to develop mineral projects worldwide.
As per the company, the agreement aims to collaborate globally on the critical mineral supply chain, identifying, acquiring, and developing critical mineral projects worldwide, including India.
“The parties aim to leverage their expertise, resources, and networks to pursue mutually beneficial opportunities, achieve operational excellence, and secure a stable supply of critical energy minerals,” said ONGC Videsh in a press note.
The MoU outlines a cooperative approach to project identification, joint due diligence, risk management, and developing a long-term offtake strategy. This partnership will leverage the expertise, resources, and networks of the participating companies to pursue mutually beneficial opportunities, achieve operational excellence, and secure a stable supply of critical energy minerals.
ONGC Videsh, a wholly-owned subsidiary of India's flagship national oil company ONGC, has 32 assets in 15 countries and is India's largest international oil and gas E&P company. The company produced 10.518 million metric tons of oil and oil equivalent gas (O+OEG) in FY '24 and currently produces around 200,000 barrels of O+OEG per day. This strategic partnership is expected to enhance India's energy security and reduce dependence on imported critical minerals, which are crucial for the country's growing energy needs.