ONGC, YPF sign MoU for upstream tie-up

Indian and Argentinean players agree to look at partnering domestically and in third countries

India’s ONGC Videsh and Argentina’s YPF have signed a memorandum of understanding on working together in upstream projects.

The overseas arm of India’s Oil and Natural Gas Corporation and the Buenos Aires-headquartered state player said the MoU would see the duo “analyse the opportunities for cooperation in upstream sector in Argentina, India and third countries”.

ONGC Videsh said that Argentina was “an important oil and gas producing country in Latin America” that “also has excellent potential for unconventional oil and gas, particularly in the Neuquen basin”.

The tie-up is also set to see collaboration on aspects of research & development and human resources, ONGC Videsh said.

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