The agreement was signed by the chairman of ONGC, Sudhir Vasudeva and Mitsui chief executive, Masami Iijima on 24 January.
The two companies plan to co-operate on oil & gas opportunities in India and globally.
“The MoU provides for cooperation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries,” ONGC said in a statement.
