In a significant move to open up new opportunities on the country’s energy security front, Reliance Industries (RIL) has inked a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation (ONGC) to explore the possibility of sharing RIL’s infrastructural facility in the East Coast.
In line with global practice of sharing infrastructure, the MoU seeks to working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms, said RIL. This should help not only minimize ONGC’s initial capex but also expedite its field development resulting in early monetization of its deep water fields adjacent to the fields of RIL. The companies intend to enter into a definitive agreement after conducting a joint study which will be spread over the next nine months.
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