ONGC Videsh (OVL) said on Wednesday that it has signed a non-binding memorandum of understanding (MoU) with Petróleo Brasileiro (Petrobras) aimed at assessing opportunities in the areas of upstream, marketing, decarbonisation, and low-carbon solutions, among others.
OVL is the overseas arm of domestic exploration and production (E&P) major ONGC, while Petrobras is Brazil’s national oil company.
The agreement was signed on the sidelines of the India Energy Week (IEW) 2025.
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The agreement is aligned with Petrobras’ strategy to develop partnerships that allow for the sharing of risks and expertise, seeking to strengthen the company as an integrated energy enterprise and contributing to the success of a fair and responsible energy transition.
On the eve of IEW, OVL’s parent inked a MoU with BP to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors.
Besides, both companies will also explore collaboration in exploration and production (E&P) in India and internationally, including jointly bidding for offshore acreage under India’s Open Acreage Licensing Program (OALP) rounds.