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In a bilateral meeting held on 17th January 2005, between Hon’ble Minister of Petroleum & Natural Gas of India, Shri Mani Shankar Aiyar and H.E. Mr. Eduardo Lopez Rabayo, Minister of Energy and Mines of Ecuador, the need to initiate cooperation between the two countries in the Hydrocarbon sector was recognized. It was agreed that mutual cooperation between the two countries through the interaction between government agencies and operators from both sides shall be promoted and supported in order to attain beneficial development of the Hydrocarbon sector and build strong relations between India and Ecuador on the principles of South-South Cooperation.
Both sides agreed to formalize cooperation in the sector through a Hydrocarbon agreement and also form an inter-governmental mechanism for cooperation between the two countries in the Hydrocarbon sector through a Joint Working Group (JWG) of both the sides, which could meet periodically to discuss and review specific forms and opportunities for cooperation amongst the two nations.
The following was further agreed :
(i) The National Oil Companies of the two countries, PetroEcuador and ONGC Videsh Limited (OVL) would work in joint projects in Hydrocarbon sector in Ecuador, India and other mutually agreed countries as far as possible for their mutual benefit.
(ii) ONGC Videsh has expressed its interest and desire to participate in the appraisal and development of ITT field/blocks in Ecuador in the forthcoming offer of this and other blocks and H.E. the Ecuador Minister has assured the consideration by the Ecuador Government at the highest level.
(iii) ONGC would provide training to geo-scientists and engineers of Ecuador in its institutes, in areas of petroleum exploration, drilling, production, safety, environment management, foreign trade etc.
(iv) ONGC would provide advisory and consultancy support to set up Research and Development Institutions in field related hydrocarbon exploration and production in Ecuador.
Ministry of Petroleum & Natural Gas
New Delhi : January 18, 2005/Pausa 28,1926
RCJ/ KC/ Press comminque Hydrocarbon (18.1.05)
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