Oil and Natural Gas Corporation (ONGC) announced Monday that a Memorandum of Understanding (MoU) has been signed between Indian Maharatna Public Sector Enterprise ONGC and Japanese conglomerate Mitsui & Co., Ltd. Jan. 24 in New Delhi, India. The agreement was signed by Masami Iijima, president and CEO of Mitsui & Co., Ltd. and Sudhir Vasudeva, chairman and managing director (CMD), ONGC. The MoU signing ceremony was attended by senior officials from both the companies.

The MoU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.

In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, Bharat Petroleum Corporation Ltd. (BPCL) and New Mangalore Port Trust for feasibility study of a liquefied natural gas (LNG) Terminal at Mangalore, India.